Entrepeneures and Enterprise

Question 1

What is an entrepreneur?

Answer 1

An entrepreneur is someone who takes a personal and financial risk to set up a businesses with the hope of making a profit.

Question 2

Name 2 skills and 2 characteristics

Answer 2

Skills: planning, time management
Characteristics: creative, hard working

Question 3

What is the role of an entrepreneur in society (3 points)

Answer 3

1. The standard of living increases in areas where they establish businesses, as employment increases and wages circular to other local businesses.
2. Taxes paid by entrepreneurs to the government are spent on improving services to society.
3. The production of new goods and services which can benefit society e.g the Fitbit.

Question 4

What is an economic positive and negative of an enterprise in a community

Answer 4

POSITIVE
Creates employment
NEGATIVE
Prices may increase as people have more disposable income.

Question 5

What is a social positive and negative of an enterprise in a community

Answer 5

POSITIVE
increase in standard of living
NEGATIVE
locals may be unable to stay in the area due to house prices rising

Question 6

What is negative environmental impact of an enterprise in a community

Answer 6

Possible increase in pollution and traffic

Question 7

What are the benefits of a financial enterprise + give an example

Answer 7

Spar, sumermacs
Creates employment
Provides goods/services to customers and businesses

Question 8

What are the benefits of a cultural enterprise + give and example

Answer 8

Galway Art Festival
Creates employment
Gives people access to arts and culture

Question 9

What are the benefits of a social enterprise + give an example

Answer 9

Creates employment
Raises awareness of social issues e.g homelessness

Question 10

Give 1 benefit and 1 example of a sole trader

Answer 10

Example: hairdressers
Benefit: keeps all the profits

Question 11

Give 1 benefit and 1 example of a private limited company.

Answer 11

Benefit: owned between 1-149 shareholders
Example:___ ltd

Question 12

Give 1 benefit and 1 example of a public limited company

Answer 12

Benefit: Must have at least 7 shareholders ( no maximum amount of share holders)
Example: Google, Apple

Question 13

Give 1 benefit and 1 example of a franchise

Answer 13

Benefit: a % of profits is given to the franchiser
Example: SuperValu, McDonald’s

Question 14

Give 1 benefit and 1 example of a Co Operative

Answer 14

Example: credit Union
Benefit every member has equal pay