Theme 1: Topic 1.1 - Enterprise And Entrepreneurship

Question 1

What is a good

Answer 1

A good is a physical time such as a chair or a book.

Question 2

What is a service

Answer 2

A service is an action performed by other people to aid the customer

Question 3

What is a USP

Answer 3

Unique Selling Point

Question 5

What is the meaning of Obsolete?

Answer 5

When a product becomes out of date, it is called an obsolete product

Question 6

How can you add value to a product

Answer 6

1. Make the product more convenient
2. Build a good brand image
3. Improve the product’s quality and design
4. Give the product a USP

Question 7

What two things can business ideas be?

Answer 7

They can either be:

1. An original idea
2. An adaptation of an existing product or idea

Question 8

What should an entrepreneur be able to do?

Answer 8

An entrepreneur should be able to:

1. Organise resources
2. Take risks
3. Make business decisions

Question 9

What are the risks of running a business?

Answer 9

1. Don’t have much security
2. Could make a financial loss
3. Business could fail

Question 10

What are the rewards of running a business?

Answer 10

1. A successful business
2. Make a lot of profit
3. Better quality of life

Question 11

What reasons can new business ideas come from?

Answer 11

1. Change in technology
2. Change in customer’s wants
3. Goods or services may become obsolete