KT8: 1.5.1 role of an entrepreneur, 1.5.2 Entrepreneurial motives and characteristics

Question 1

Franchise

Answer 1

a business that sells the rights of its name and trading methods to local businesses

Question 2

Geographical mapping

Answer 2

plotting on a map the locations of all the existing businesses in your market, in order to show where all your competitors are

Question 3

innovations

Answer 3

new ideas brought to the market

Question 4

Line manager

Answer 4

a manager responsible for meeting specific targets and responsible for specific tasks

Question 5

market map

Answer 5

a grid plotting where each existing brand sits on the scales based on two important features of a market; for example, in the car market: luxury/economy and green/ gas guzzling

Question 6

Market niche

Answer 6

a gap in the market- that is, no one else is offering what you offer

Question 7

crowdfunding

Answer 7

obtaining external finance from many individual, small investments, usually through a web based appeal

Question 8

Entrepreneur

Answer 8

someone who makes business ideas happen, either through their own effort or by organising others to do the work

Question 9

piece rate

Answer 9

paying workers per piece they produce (eg: £2 per pair of jeans made)