Knowledge Flashcards
1
Q
What does gaps in the market mean
A
An area that businesses don’t currently serve but there is customer demand for
2
Q
What is an entrepreneur
A
Someone who comes up with a business idea and pursues it in attempt to either gain high profits or for a social purpose (FINANCE)
3
Q
Benefits of a strong brand
A
- improves customer loyalty to your brand (quality assurance)
- Engaged employees that are proud to work at your company
- increases brand recognition
- higher prices can be charged
4
Q
Characteristics of a successful entrepreneur
A
- Competitive spirits
- Highly self motivated
- Strong leadership qualities
- Enthusiastic
5
Q
What is a firm
A
A business organisation that seeks to make a profit through the sales of goods and services
6
Q
What is a government grants
A
A sum of money awarded to your business that you don’t need to pay back
Business can apply for a government grant or the government could give you it
7
Q
Why might businesses receive government grants
A
- Being ethical (e.g to keep emissions/waste disposal low)
- To help start up a new business
- Too expand a business
- R & D
8
Q
Ways off being ethical
A
- Offering a good customer service to customers
- Respect. E.g recognising ethical principles that influence employee behaviour
- Fair wages: providing good working conditions, paying fair prices, exceeding customer expectations
