Business 1.1: Enterprise and entrepeneurship Flashcards
1
Q
List three Reasons why new business ideas come about
A
changes in technology
changes in what consumers want
products and services becoming obsolete
2
Q
List two ways new business ideas come about
A
original ideas
adapting existing products/services/ideas (innovation)
3
Q
Impact of risk on a business
A
business failure, financial loss, lack of security
4
Q
Impact of reward on a business
A
business success, profit, independence
5
Q
List three purposes of business activity
A
to produce goods or services
to meet customer needs
to add value
6
Q
How can a business add value to a product/service?
A
convenience, branding, quality, design, USP
7
Q
What is an entrepeneur?
A
Someone who starts their own business
8
Q
What is the role of an entrepeneur?
A
to organise resources
make business decisions
take risks
