UNIT 1 Entreprenuers

Question 1

What are the SMART obj

Answer 1

Specific
Measurable
Achievable
Relevant
Time

Question 2

What is the Imp of business objectives?

Answer 2

Clear focus
Business aims help direct+ control + review success of business activity

Question 3

mention 5 qualities of entreprenuer

Answer 3

s

Question 4

what does consumer goods mean?

Answer 4

physical + tangible goods –> sold to general public (durable + non durable CG)

Question 5

what are the factors of production?

Answer 5

the resources needed–> for business to produce goods+ services

Question 6

what is the difference between enterprise + entreprenuer?

Answer 6

enterprise–>
is the driving force–> involces risk taking –> including combining of FOP into A UNIT capable of producing goods and services

Enterpreuar–>
someone who takes the financial risk of starting + managing new venture

Question 7

what is added value?

Answer 7

is the difference between the cost of purchase of material and the price that material is solf for

Question 8

what are consumer services?

Answer 8

non tangible products sold to general public

Question 9

define enterprenuer in 4-5 points

Answer 9

one who sets up business
risk taker
invloces financial risk
combining FOP

Question 10

mention all the qualiotiies of an enterprenuer
(6)

Answer 10

innovation
leadership
commitmenet
multi skilled
ability to bounce back
risk taking