Topic 1.1 Flashcards
1
Q
What is business enterprise
A
The process of identifying new business opportunities and then taking advantage of them
2
Q
What are the 5 ways a business can add value to their product
A
Convenience
Quality
Design
Branding
USP
3
Q
Why might new business ideas come about
A
Changes in technology
Shift in customer needs
Obsolescence of products
4
Q
What is an entrepreneur
A
Someone who takes on the risks of enterprise activity
5
Q
To run a successful business what does an entrepreneur have to be able to do
A
Organise resources
Take risks
Make business decisions
6
Q
Examples of risks when starting a business
A
Initial investment into equipment
Lack of security
Failure
7
Q
Examples of rewards when starting a business
A
Successful business
Profit
Independence
