Entrepreneurs

Question 1

Why do people start their own business?

Answer 1

• to gain profit
• turn a hobby into a business
• redundancy money
• be their own boss

Question 2

What is an entrepreneur?

Answer 2

is someone who starts and runs a business.
perhaps he or she makes a product and then sells that product, or perhaps they provide a service. possibly employ people and try to make a profit.

Question 3

Name the characteristics of an entrepreneur

Answer 3

• risk taker
• product knowledge
• hard working
• passionate/determined/ambitious
• perseverance
• initiative and proactive
• creativity and innovation - organized

Question 4

what are needs?

Answer 4

People have a limited number of needs that must be satisfied if they are to survive.
e.g food water shelter, clothing,
emotional and psychological needs e.g love

Question 5

What are wants

Answer 5

wants are unlimited poeple consantly aim for a better quality of life.
e.g

Question 6

Why are entrepreneurs important to the economy

Answer 6

-They bring new ideas to the market and drive the development of new technologies.
- can provide better ways of doing things which can lead to new business thus increasing profit for businesses and their stakeholders
-creating new jobs
-economy would not benefit, help balance off payments
- governments benefiting from taxation