Introduction To Enterprise

Question 1

What is enterprise?

Answer 1

Enterprise is another word for an organisation or business managed by one or more individuals who are able to take the initiative to make decisions and take calculated risks.

Question 2

What resources does enterprise use?

Answer 2

Enterprise uses resources like land, labour, and capital to produce goods and services that people want to buy.

Question 3

What are the characteristics of enterprise?

Answer 3

The characteristics of enterprise include the ability to be innovative, take initiative, make decisions, and bear the risk of setting up and running a business.

Question 4

What are the two main types of enterprise?

Answer 4

The two main types of enterprise are business and social.

Question 5

What is the main aim of a business enterprise?

Answer 5

A business enterprise’s main aim is to make a profit.

Question 6

What happens to the profits generated by a business enterprise?

Answer 6

Profits generated by a business enterprise are reinvested into the business to grow it further or distributed to its owners/shareholders.

Question 7

What is a social enterprise?

Answer 7

A social enterprise is an organisation that is started up for social causes for the improvement of society and is not-for-profit.

Question 8

What is the main aim of a social enterprise?

Answer 8

The main aim of a social enterprise is not to make profits, but to benefit the community.

Question 9

What happens to the profits made by a social enterprise?

Answer 9

Any profits made by a social enterprise are reinvested into things that benefit the community.

Question 10

Define ‘Enterprise’.

Answer 10

Enterprise: An organisation or business managed by one or more individuals who are able to take the initiative to make decisions and take calculated risks.

Question 11

Define ‘Business Enterprise’.

Answer 11

Business Enterprise: An organisation that has profit as its main aim.

Question 12

Define ‘Social Enterprise’.

Answer 12

Social Enterprise: An organisation that is started up for social cause for the betterment of society.

Question 13

What is an entrepreneur?

Answer 13

An entrepreneur is a person who starts up a new business or enterprise.

Question 14

What are key characteristics of entrepreneurs?

Answer 14

Entrepreneurs are self-driven and innovative individuals with new ideas for goods or services.

Question 15

Define stakeholder.

Answer 15

A stakeholder is an individual, group, or organization with an interest in the activities of a business.

Question 16

What attributes comprise enterprise capability?

Answer 16

Key attributes include risk-taking, decision-making, innovation, and a positive attitude.

Question 17

What is risk-taking in entrepreneurship?

Answer 17

Risk-taking involves recognizing the risk of failure while believing in the possibility of high returns.

Question 18

What is a calculated risk?

Answer 18

A calculated risk is taken with the expectation that potential returns will be significantly higher than possible losses.

Question 19

Why is decision-making important for entrepreneurs?

Answer 19

Entrepreneurs must use available resources wisely, making decisions that involve risks.

Question 20

How are decision-making and risk-taking related?

Answer 20

Making a decision can involve many risks, including losing production factors and potential costs.

Question 21

What is innovation in entrepreneurship?

Answer 21

Innovation can involve introducing new products or spotting opportunities in existing products or services.

Question 22

What role does a positive attitude play for entrepreneurs?

Answer 22

A positive attitude drives entrepreneurs toward taking risks and overcoming challenges.

Question 23

Who can be considered stakeholders in a business?

Answer 23

Stakeholders can be internal (directly involved) or external (outside parties that affect or are affected by the business).

Question 24

What should you do with simple or seemingly inadequate ideas?

Answer 24

Never dismiss an idea as being too simple or not good enough. Always give it a go and find out how you can develop it further.

Question 25

Who are the main stakeholders in an enterprise?

Answer 25

The main stakeholders include internal stakeholders like employees and owners/shareholders, and external stakeholders such as customers, government, local community, suppliers, lenders, and competition.

Question 26

Who are employees in an enterprise?

Answer 26

Employees are the people who do the work in an enterprise and earn a living from the operations of a business.

To keep employees happy and productive, an enterprise must provide them with fair wages, job security, and good working conditions.

Question 27

What do owners/shareholders want from an enterprise?

Answer 27

Owners and shareholders want the business to grow and make profits. Healthy profits and growth are important to attract further investment.