Enterprise

Question 1

Why do people start their own business?

Answer 1

To gain a profit
To turn a hobby or pastime into a business
To use redundancy money and provide themselves with employment
To be their own boss

Question 2

What is the def of an Entrepreneur?

Answer 2

Someone who starts and runs a business. They might make and sell a product or they might provide a service e.g. barber. Could employee people and try to make a profit

Question 3

What are the characteristics of an Entrepreneur?

Answer 3

Being a risk taker - risk capital (money)
Product knowledge
Hard working
Passionate/determined/ambitious and have perseverance - new business take time to start up and have low survival rates
Takes initiative and is proactive
Creative and innovative
Effective organiser

Question 4

What are needs?

Answer 4

People have a limited number of needs that need to be satisfied if they are going to survive. Can be physical things like food, water, shelter etc or it could be psychological things like self esteem and love

Question 5

What are wants?

Answer 5

Wants are unlimited, people constantly aim for a better quality of life by wanting things like better food, better housing, better education. Anything that is not a basic need is a want

Question 6

What are the 3 Sectors of Industry?

Answer 6

Primary
Secondary
Tertiary

Question 7

What is the Primary sector?

Answer 7

This section produces the raw materials like iron ore, oil. They also produce final products like oranges and fish

Question 8

What is the Second sector?

Answer 8

This section manufactures and constructs/ builds and assembles products

Question 9

What is the Tertiary sector?

Answer 9

This sector provides people with direct services (to people) e.g. the police, hairdressing etc and commercial services (to business) e.g. business insurance, financial services etc