Enterprise

Question 1

Characteristics of an entrepreneur

Answer 1

Decision maker: able to be confident in their own decisions and not second guess themselves so they can not spend time trying to think of the right decision which therefore increases productivity

Leadership: able to lead the business and take control and the responsibility to allow the business to succeed therefore leading to structure within the business

Independence: able to work alone and not need to confer with anyone else and have trust within themselves to be able to run the business which therefore leads to less conflict as they trust themselves and don’t need anyone else to confer with.

Question 2

Why the government encourages enterprise

Answer 2

Reduces unemployment

New ideas could lead to fresh employment opportunities

Competition ensures a healthy business environment

Leads to economic development which generates wealth within the economy

Question 3

Reasons why businesses would start

Answer 3

Good idea for a product (gap in the market)

To be independent (own boss)

Make more money then they are already making

Satisfaction of your own business

Provide a service to the community

Need a job

Question 4

Micro business staffing range

Answer 4

1-9 members

Question 5

Micro business turnover

Answer 5

Less that 1.7 million

Question 6

Small business staffing

Answer 6

10-49 members

Question 7

Small business turnover

Answer 7

Less than 5.6 million

Question 8

Medium business staffing

Answer 8

50-249 members

Question 9

Medium business turnover

Answer 9

Less than 22.8 million

Question 10

Large business staffing

Answer 10

More then 249

Question 11

Large business turnover

Answer 11

Greater than 22.8 million