T1.1 - Enterprise and entrepreneurship Flashcards
1
Q
Purpose of business activity? x3
A
-provide goods and services
-meet customer needs
-add value to product
2
Q
Why do new business ideas come about? x3
A
-changes in technology
-Changes in what customers want
-goods and services become obsolete
3
Q
How new business ideas come about? x2
A
-original ideas
-adaption to existing product or idea
4
Q
What is an entrepreneur?
A
someone who takes on risks of enterprise activity
5
Q
What must an entrepreneur be able to do? x3
A
-organise resources
-take risks
-make business decisions
6
Q
Risks of running a business? x3
A
-go into debt
-lack of security
-business failure
7
Q
Rewards of running a business? x3
A
-business success
-profit
-independence
