ENTRUPENEORS

Question 1

What does Mr Slim stand for

Answer 1

Multi – skilled 
Risk taker
Self-confident
Leader
Innovative
Motivated

Question 2

Characteristics of successful entrepreneurs:

Answer 2

Innovation
Commitment and self-motivation
Multiskilled 
Leadership skills 
Self-confidence and an ability to bounce back
Risk taking

Question 3

Primary sector example

Answer 3

Primary sector: fishing, gardening (nature/land stuff)

Question 4

secondary sector examples

Answer 4

Secondary sector: Jewelry making, dress making, building trades (making stuff)

Question 5

Tertiary/ service sector examples

Answer 5

Tertiary/service sector: Hairdresser, car repair, café restaurant (offering services to people)

Question 6

How does enterprise impact the economy?

Answer 6

All governments around the world are introducing policies that aim to encourage more people to become entrepreneurs

Question 7

Impact of enterprise:

Answer 7

increased social cohesion, employment creation, economic growth, survival and growth, innovation, and technological change, increases exports, personal development.

Question 8

What is a social enterprise:

Answer 8

A business with mainly social object that reinvests most of its profits into benefiting society rather than maximizing returns to owners
Makes money in socially responsible ways
Uses most of its profits to benefit society
Is not a charity

Question 9

what objectives do social enterprise have

Answer 9

Social: provide jobs for local (often disadvantaged) communities
Economic: make a profit to reinvest back into the business and give some return to owners
Environmental: to protect the environment and to manage that business in an environmentally sustainable way

Question 10

Reasons for failure of business

Answer 10

Lack of record keeping
Lack of working capital – working capital is the money needed to run the business on a day to day basis e.g. to pay staff, buy stock
Poor management skills – an entrepreneur may have a great idea but may not have the leadership, decision making or communication skills to run a business
Dynamic business environment – competitors, legal changes, economic changes, technological changes, political changes

Question 11

Employment creation:

Answer 11

• Reducing unemployment rates

- More money for workers to spend

Question 12

Economic growth

Answer 12

Increase in product output = growth in GDP
Increase in living standard
Increase in tax paid

Question 13

Firms survival and growth:

Answer 13

• Expansion leads to important businesses in the business world
  
  • Enhancing the customers, economies and countries needs

Question 14

Innovation and technological change:

Answer 14

• A more dynamic economy can be created enhancing the standard in competition

Question 15

Exports:

Answer 15

• Through expansion abroad, businesses can then bring more international competitiveness
  
  • Increase the value of the export market

Question 16

Personal development:

Answer 16

• Starting and managing a business aids in developing the skills of the nation
  
  • Will encourage other to set up to help them further benefit the economy

Question 17

Increased social cohesion:

Answer 17

• Unemployment leads to serious social problems e.g. crime rates increase.
  By having more enterprises it will encourage social cohesion in the country