unit 1 enterprise

Question 1

what is finding a gap in a market

Answer 1

spotting an opportunity

The ability to see the need for a particular product that customers want.

Question 2

what does an entrepreneur need to do

Answer 2

An entrepreneur needs to be able to turn an idea into a successful business.

Question 3

How develop an idea for a business

Answer 3

spot a gap in the business
market research 
business plan or research
business plan and funding
satisfy customers need

Question 4

what is an entrepreneur

Answer 4

a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Question 5

What is enterprise?

Answer 5

Enterprise is a skill. Put simply, enterprise is the willingness of an individual or organisation to:

Question 6

what does it mean for an enterprise skill of:
Take risks
.

Answer 6

Setting up a new business is risky. Even if the entrepreneur has carefully researched the market, there’s always a chance that customers may reject the product and that a loss will be made.

Question 7

what does it mean for an enterprise skill of:

Show initiative and ‘make things happen’

Answer 7

Successful entrepreneurs have the drive, determination and energy to overcome hurdles and launch new businesses.

Question 8

what does it mean for an enterprise skill of:

Undertake new ventures.

Answer 8

An entrepreneur has to have the imagination to spot business opportunities that will fill gaps in the market

Question 9

characteristics of an entrepreneur

Answer 9

risk taker
creative
confidence
determination

Question 10

who carries out Enterprise

Answer 10

enterprise is carried out through the work of an entrepreneur