fish and chip

Question 1

paragraph 1

initial risk

Answer 1

1. definition
2. without the initial risk there would be no business
   - a gap in the market identified by the entrepreneur due to understanding of the market and anticipating change
   - conducted market research in great Yarmouth as part of the process
   - spotting a desire for customers willing to buy chips based on high-quality potatoes
   - charge a premium price more sales…

Question 2

definition

Answer 2

creating and setting up a business is the initial idea and risk involved in starting a business which will involve understanding consumer needs and market trends

Question 3

conclusion

Answer 3

• may depend on the plans for their business
• Lord Somerleyton plans to expand locally and nationally with Hot Chip, so his role in running and expanding the business becomes more important.
  If he were to be happy with a small number of Hot Chip outlets, he may turn to look at other business ideas, which would raise the importance of the creation and set-up role.

Question 4

paragraph 2

mobile chip van

Answer 4

1. another important role of an entrepreneur is innovation and determination
2. although he has spotted an opportunity for a mobile hot chip van that targets late-night partygoers
   - a new idea, niche market
   - it expands the business
   - the huge risk that needs to be calculated
3. he still needs to appeal to the mass market customers of fixed outlets
   - keep existing customers and bring in more
   - do this by expanding the topping range
   - the customer may be willing to pay extra

Question 5

paragraph 1

counterbalance

Answer 5

3. however wants to expand national brand but recognises the importance of establishing 4 or 5 successful saloons before that
   - shows entrepreneur characteristics - self-actualisation
   and evaluating risk associated

Question 6

paragraph 2
counterbalance
mobile chip van

Answer 6

4. however to do this motivate staff as most of his customers is fixed outlet
   - empowering employees by delegating responsibility and allowing teamwork
   - allows time for the lord to focus on national expansion
   - better quality less wastage
   - less likely to leave reduces the cost of recruitment