ENTERPRISE

Question 1

What is the definition of an entrepreneur?

Answer 1

“someone who takes a calculated risk through starting a business to create a new business idea or innovation.”

Question 2

What are the 5 characteristics of entrepreneurs?

Answer 2

➜ Innovative. This means an entrepreneur is good at spotting an opportunity.
➜ Risk takers. An entrepreneur takes a risk that their idea is going to work.
➜ Hard working and determined. If you are setting up a business, you
need to be prepared for it to be a struggle.
➜Creative . Make new ideas that will please the public
➜Problem Solving

Question 3

WHERE DO BUSINESS IDEAS COME FROM?

Answer 3

Personal experience
Business experience
Market research
Eureka moment
Brainstorming

Question 4

Opportunity cost

Answer 4

When an entrepreneur starts a business, they often must sacrifice the regular wage from an employed job to the less secure income of a new business

Question 5

3 risk’s that come with starting a business

Answer 5

39% of business make profit
Building a customer base
Pay is not secure
Long work hours
Loss of income
Identifying a market gap that might not be big enough to raise profits

Question 6

3 rewards that come with starting a busisness

Answer 6

Flexible working hours
Greater life balance
Purse an interest
Give back to community
Earn more profit