Topic 1.1 Enterprise and Entrepreneurship

Question 1

What is business enterprise?

Answer 1

the process of identifying new business opportunities, and taking advantage of them

Question 2

What does all business activity need?

Answer 2

a purpose

Question 3

What purposes can a business provide?

Answer 3

• goods and services
• meet customer needs
• add value to existing product

Question 4

How can a business add value to a product?

Answer 4

• make product more convenient
• build a good brand image
• improve design and quality
• unique selling point

Question 5

What does a business constantly need to be doing?

Answer 5

adapting to the changing world

Question 6

How are new business ideas brought upon?

Answer 6

• changes in technology
• what customers want
• good or service

Question 7

What does an original business mean?

Answer 7

no other business has come up with the same concept

Question 8

What does a business adaptation mean?

Answer 8

changing an already existing product, make it more relevant

Question 9

What is an entrepreneur?

Answer 9

someone who takes risks of enterprise activity

Question 10

To successfully run a new business, what must an entrepreneur be able to do?

Answer 10

• organise resources
• take risks
• make business decisions

Question 11

What are some risks of running a new business?

Answer 11

• borrowing money from banks or other investors
• lack of security, lose their business and job = bad quality of life
• business failure

Question 12

What are some rewards of running a new business?

Answer 12

• business success
• profit
• independence