Entrepeneurs 1.1

Question 1

Name some characteristics of an entrepreneur 4

Answer 1

Passion
Hard-working
Not afraid of taking risks
Knowledge
Innovative
Thinks of original ideas
Resilience 
Confident
Focussed

Question 2

Why do new business ideas come about? 4

Answer 2

A gap in the market
Making another product more affordable
A need
Improve an existing idea

Question 3

What are the advantages of adapting an existing idea? 3

Answer 3

Manufacturing is easier
People are interested/excited for the update
People are loyal to the brand

Question 4

What are the disadvantages of adapting an existing idea? 3

Answer 4

The product has to get more expensive
The new product may not be better/not be better
Needs to be different enough to sell

Question 5

What rewards are entrepreneurs driven by? 6

Answer 5

Reputation / being the original
Awards
Money / lifestyle
Security for the future
Independence
The need for a product

Question 6

What might a customer need from products and services ? 6

Answer 6

Options
Useful product / fit for purpose
Good reviews
Quality
Easily accessible / convenience 
Functioning

Question 7

What is adding value?

Answer 7

It is where a business increases the products value as a result of the product process

Question 8

What determines the amount of added value? 4

Answer 8

Branding
Convenience
Quality and design
Unique selling points (USPS)