CH1- ENTERPRISE

Question 0

ENTREPRENEUR

Answer 0

Individuals who have an idea and are willing to take risks in pursuing this by entering the business world and encouraging it to grow.

Question 1

ENTERPRISE

Answer 1

A process by which new businesses are formed and new ideas are created and brought to the market.

Question 2

ENTERPRISE SKILLS

Answer 2

Skills that allow an individual or organisation to respond effectively to changing marketing conditions.

Question 3

RISK

Answer 3

A probability of threat of damage, injury, liability, loss or any other negative occurrence that is caused by external or internal vulnerabilities and that may be avoided by preemptive action.

Question 4

OPPORTUNITY COST

Answer 4

The next best alternative foregone, which you could have chosen but did not.

Question 5

MOTIVES FOR BECOMING AN ENTREPRENEUR

Answer 5

Increasing affluence

Easier to borrow money in the current economic climate

Political influence- government action, start up schemes etc

Question 6

GOVERNMENT SUPPORT

Answer 6

Reducing business tax

Reducing barriers to raising finance

Improving support for small businesses

Legislations to promote competition

Question 7

Barriers to entry

Answer 7

How easy or difficult it is in entering the market