Enterprise

Question 1

what is the definition of Enterprise?

Answer 1

A project that involves difficulty or risk such as brining a new product to the market.

Question 2

what is the definition of SME?

Answer 2

small to medium sized enterprise that employs fewer than 250 employers and turnovers 50 million.

Question 3

What is the definition of an Entrepreneur?

Answer 3

A individual that sets up and runs a business and takes on the risks associated with the business.

Question 4

what is the definition of ‘wants’ and ‘Needs’?

Answer 4

wants are unlimited, people constantly aim for a better quality of life.

People have a limited number of needs which must be satisfied if they are to survive.

Question 5

what are the roles of the entrepreneur?

Answer 5

creating and setting up the business as well as running and developing the business.

Question 6

what does creating and setting up a business involve for a entrepreneur?

Answer 6

-generating a idea
-asking if the idea can add value
-conducting market research
-drawing up a business plan
-deciding on legal structures
-raising finance

Question 7

what does running and developing a business involve for a entrepreneur?

Answer 7

-generating a customer base
-designing a marketing mix
-sourcing supplies and managing stock
-keeping financial records
-abiding by legislation
-employing staff

Question 8

what are the roles taken by entrepreneurs?

Answer 8

-setting up and leading their business
-risktakers
-decision making
-acting as a innovator

Question 9

what motives do entrepreneurs live off?

Answer 9

-profit
-being their own boss
-job satisfaction

Question 10

what are the risks of being an entrepreneur?

Answer 10

-low sales
-unexpected costs
-unexpected events
-loss of security
-damage to reputation if fail

Question 11

what are the benefits of an entrepreneur?

Answer 11

-be their own boss
-pursue interest
-profits
-self satisfaction
-better work life balance

Question 12

what are the business opportunities?

Answer 12

-needs
-wants
-goods
-services
-non-durable
-durable
-consumer goods
-producer goods

Question 13

what are consumer goods?

Answer 13

goods produced for the general use by the public.

Question 14

what are producer goods?

Answer 14

they are also known as capital goods, they are used to produce other goods.

Question 15

what are personal and commercial services?

Answer 15

personal- ones that are aimed at individuals
commercial- ones that are aimed at businesses

Question 16

what are the factors of production?

Answer 16

-land
-capital
-labour
-entrepreneur

Question 17

explain the factors of production

Answer 17

land- this refers to the physical and other natural resources they may use
labour- theses are the skills and the number of employees employed by a business
capital- this is the equipment used to produce goods and services
entrepreneur- the owners, the risk takers, the ones that organise the businesses.

Question 18

what is the primary sector of industry?

Answer 18

produces all the raw materials for them to get made into products.

Question 19

what is the secondary sector of industry?

Answer 19

converts the raw material into products ready for selling.

Question 20

what is the tertiary sector of industry?

Answer 20

is made up of organisations that provide services such as estate agents and delivery businesses.

Question 21

where can entrepreneurs go in order to get help for their business?

Answer 21

-business Wales
-big ideas Wales
-prime Cymru

Question 22

how to work out percentage change?

Answer 22

(new - old value)
———————— X 100%
old value

Question 23

what are the importance of SMEs to the UK economy?

Answer 23

-creates jobs
-creates demand for products
-buys products and services
-introduces new technology and innovative ideas to the market

Question 24

what are the disadvantages for SMEs towards the UK economy?

Answer 24

-smaller budgets
-less recognition
-harder to raise finance

Question 25

what is the definition of stakeholders?

Answer 25

individuals and organisations who are affected by the decisions and actions of a particular business.

Question 26

what are internal and external stakeholders?

Answer 26

internal- work within business
external- work outside business

Question 27

what are the types of internal stakeholders?

Answer 27

-owners
-managers
-workers

Question 28

what do the internal stakeholders want?

Answer 28

owners- maximum profit
managers- good salary
workers- job security

Question 29

what are the types of external stakeholders?

Answer 29

-customers
-suppliers
-government

Question 30

what do the external stakeholders want?

Answer 30

customers-good quality products
suppliers- paid on time
government- creates jobs and collect taxes