Entrepreneurship

Question 1

entrepreneur

Answer 1

the process where a person creates and operates a new business, usually in response to opportunities while taking on the venture in the hope of making a profit

Question 2

what are the three points of entrepreneurship

Answer 2

pursuing business, innovation and seeking growth

Question 3

business

Answer 3

any activity conduxted by an individual to produce and sell goods and services that satisfy the needs of society as well as making profit

Question 4

profit

Answer 4

what is left behind after business expenses have been deducted from money earned from revenue

Question 5

features of entrepreneurship

Answer 5

innovation, seeking growth and pursuing business opportunities

Question 6

innovation

Answer 6

change, improvement and/or
transformation. Entrepreneurs blend their flair,
imagination and creativity to develop new products
or ways of doing business, or improve existing
products or processes.

Question 7

seeking growth

Answer 7

usually not content to stay the same, and the entrepreneur will seek new trends, explore new products and new approaches so that the business increases in size

Question 8

why is seeking growth important in a businesss

Answer 8

growth is necessary for the survival of a new business, to increase sales and market shares which results in profit

Question 9

skills of an entrepreneur

Answer 9

risk-taking, leadership, innovation, communication, descion making and networking

Question 10

Two of the most crucial questions that a potential business owner has to ask themselves are:

Answer 10

Am i motivated enough to do this? do i posses the appropriate qualities and skills required to operate a business?

Question 11

what are the main reasons for starting a business

Answer 11

financial independence, personal independence, to make a profit, to fufill a market need or to fufill a social need

Question 12

financial independence

Answer 12

the capacity to support a lifestyle without having to be emplyed or dependent on others

Question 13

personal independence

Answer 13

the capacity to be in control of decsions that affect ones everyday actions or activities

Question 14

market need

Answer 14

products that customers require that may not be readily avliable (gap in the market)

Question 15

social need

Answer 15

the production or selling of goods and services for the purpose of making the world/community a better place

Question 16

social enterprise

Answer 16

Any profit they make will be reinvested back into the company in order to continuously fulfill that social need.

Question 17

benefits of starting a business

Answer 17

being your own boss, independence, profit, rewarding, contributing positivity to society, developing creative ideas, overcoming unemployment, better work life and emplying family members

Question 18

limitations of starting a business

Answer 18

hark work, long hours, demands of customers, suppliers and financiers, uncertain/flutuating income, risk of failure, stress, responsibilty