the buisness idea 1A

Question 1

what does entrepreneurship mean? definition

Answer 1

is the process of establishing a business to satisfy a need in the market whilst taking on associated risks.

Question 2

what is a business venture?

Answer 2

is a new business that is formed which involves taking risks.

Question 3

what is a loan?

Answer 3

Involves borrowing a sum of money from another person or institution and then paying the amount back at a later date with interest attached.

Question 4

what are the characteristics of entrepreneurship?

Answer 4

is challenging, time-consuming and expensive, therefore an individual must be willing to commit to running the business, as well as taking on a variety of financial risks such as investing their own money to finance a business activity or obtaining a loan from an external source.

Question 5

what are the different entrepreneurial skills?

Answer 5

risk-taking skills, leadership skills, innovation skills, communication skills, decision-making skills, networking skills.

Question 6

description of risk-taking skills

Answer 6

prepared to risk their money, time and career to run their business despite the possibility of failure.

Question 7

importance of the skill - risk-taking skills

Answer 7

through taking calculated risks, an entrepreneur may gain access to more opportunities that can help their business frow and become competitive.

Question 8

description of leadership skills:

Answer 8

will share the business’s vision with their employees to inspire, support and persuade them to share their vision.