Enterprise

Question 1

What is the defenition of an enterprise

Answer 1

Formation of a new business or developement of a new good or service in a market

Question 2

What is the primary sector

Answer 2

Production of raw materials. e.g farms

Question 3

What is the secondary sector

Answer 3

Use of raw materials into a product. e.g. manufacture

Question 4

What is the tertiary sector

Answer 4

Provider of good/service e.g. delivery business

Question 5

Definitions of SMES

Answer 5

1.A business with less than 250 employees (less than 50=small business)
2.Less than 50 million turnover
3.99.9% of business population

Question 6

Benefits of SMES

Answer 6

1.Create jobs
2.Creates demand
3.Pay tax
4.Innovation
5.Competiton- better quality lower prices

Question 7

Drawbacks of SMES

Answer 7

1.Risky- most fail
2. Little access to funds so will have worse quality than big firms

Question 8

Defenition of a entrepeneur

Answer 8

Someone who starts and runs a business

Question 9

Charactoristics of a entrepeneur

Answer 9

1.Organisation
2.Risk taking
3.Decision making
4.Create employment
5.Innovation

Question 10

Financial and non-financial motives of a entrepeneur

Answer 10

1.Earn profit
2.Turn hobby inot a business
3. Be your own boss
4.Take a ethical stance
5. Social enterprise