Business Studies Chap 13

Question 1

Outline the qualities of an entrepreneur

Answer 1

-Desire for responsibility
-Taking calculated risks
-Good Management and leadership skills
-High levels of energy
-Dreams with a clear vision
-Confidence in one’s ability to succeed
-Flexibility
-Willpower to overcome obstacles
-Recognizing opportunities
-Showing perseverance
- Organisational skills
-Passion

Question 2

Desire for responsibility

Answer 2

-entrepreneurs like to prove themselves as being innovative, hardworking ,and responsible for creating their own income
-They prefer to be the creators of their own future

Question 3

Good Management and leadership skills

Answer 3

-An entrepreneur has good management skills such as planning, motivating, and controlling
-They are good leaders who can motivate and inspire others to do their best

Question 4

High levels of energy

Answer 4

-High energy levels and good health are essential for the business
-Entrepreneurs should enthusiasm to achieve the best solution,

Question 5

Dreams with a clear vision

Answer 5

-An entrepreneur has a vision of where they are heading and what they want to achieve in the future
-They have a clear vision and able to achieve long-term goals

Question 6

Passion

Answer 6

-An entrepreneur is passionate and enthusiastic about their product and business
-Passion for the business will keep the entrepreneur motivated when things go wrong

Question 7

Name the key success factors

Answer 7

-Strategic focus, Profitability, Sustainability, Market knowledge, Strong customer base, Good leadership, Ethics, Stable workforce, Unique product or service

Question 8

-Strategic focus

Answer 8

-Includes leadership, Management and planning

Question 9

-Profitability

Answer 9

-A profitable business attracts more investors that can lead to the business

Question 10

-Good leadership

Answer 10

-A good leader is source of inspiration, and a motivator

Question 11

-Stable workforce

Answer 11

-A stable workforce that are experts in their fields is productive

Question 12

Recommend areas of improvement for a business

Answer 12

-Regularly evaluate the price of every product
-Make sure the money comes in quickly
-Set goals with reasonable milestones and timelines
-Look after it’s best customers

Question 13

Suggest strategies businesses can use to ensure that they remain profitable and sustainable for them

Answer 13

-Thorough planning
-Sound financial management
-Effective management of scarce resources and employees
-Maintaining a solid customer base
-Being ethical
-Being socially responsible