Topic 1.1- Enterprise and Entrepreneurship

Question 1

Name 3 roles of an entrepreneur ?

Answer 1

• to take risks
• organise resources
• makes business decisions

Question 2

Give 3 roles of a business enterprise?

Answer 2

• to produce goods or services
• to meet customer needs
• to add value

Question 3

what are the risks of starting a business?

Answer 3

• business failure
• financial loss
• lack of security

Question 4

what are the rewards of starting a business?

Answer 4

• business success
• profit
• independence

Question 5

Give three ways a business can add value

Answer 5

• convenience
• branding
• quality
• design,
• unique selling point

Question 6

Explain one way which a business can add value (3)

Answer 6

by having a unique selling point (USP) (1). This will help the product to stand out against competitors by having something they do not have (1). As a result customers will be willing to pay more for a product they see as more original (1).