Enterprise and Entrepreneurship Flashcards
1
Q
Why do new business ideas come about?
A
Changes in technology
changes in what consumers want
products and services becoming obsolete
2
Q
How do new business ideas come about?
A
Adaptations of existing products
original ideas
3
Q
What are the risks of opening a new small business?
A
Lack of Security
Financial Loss
Business Failure
4
Q
What are the rewards of opening a small business
A
Personal Satisfaction
Profit
Independence
5
Q
The role of a business
A
Produce goods or services
Meet customer needs
Add value (Branding, convenience, quality, design, USP)
6
Q
The role of an entrepreneur
A
Organises resources
takes risks
makes business decisions
7
Q
What are the factors of production
A
Land
Labour
Capital
Enterprise
