U1 AOS1/KK2: Sources of business motivation Flashcards

1
Q

Financial independence

A

Able to support yourself without relying on other people or a job.

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2
Q

Personal independence

A

Able to make your own decisions eg. choose your own role, working hours, holidays

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3
Q

Make a profit

A

Benefit financially from capitalising on a business opportunity.

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4
Q

Fulfil a market and/or social need

A

Create a product to meet customer demand or improve on an existing product to better meet the needs of customers

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5
Q

List the 5 motivators

A

Financial independence, personal independence, make a profit, fulfil a market/social need.

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6
Q

T/f - All businesses need to make a profit.

A

True - all businesses need to make a profit regardless of the intentions of their owner, this ensures they remain viable.

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7
Q

A business operating to support a social need usually impacts either…

A

The community (local or remote) or the environment

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8
Q
A
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