1.1 Enterprise and Entrepreneurship

Question 1

What is a business

Answer 1

a business is an organisation that provides goods or services

Question 2

Why do new business ideas come about

Answer 2

-changes in technology
-products and services becoming obsolete
-changes in what consumers want

Question 3

define obsolete

Answer 3

obsolete is when a product or service is out of date and therefore not used anymore

Question 4

How do new business ideas come about

Answer 4

-create an original idea
-adapt an existing idea

Question 5

what are the risks of being an entrepreneur

Answer 5

-business failure
-financial loss
-lack of security

Question 6

what are the rewards of being an entrepreneur

Answer 6

-business success
-profit
-independence

Question 7

why do businesses exist

Answer 7

-to produce goods and services
-to meet customer needs
-to add value

Question 8

what does USP stand for

Answer 8

USP stands for unique selling point

Question 8

how could a business add value

Answer 8

-increase convenience
-increase branding
-increase quality of product or service
-better design
-have a USP

Question 9

what are some characteristics of an entrepreneur

Answer 9

-organised
-makes business decisions
-takes risks

Question 10

what is an advantage of adapting an existing product

Answer 10

can take less time and creative input than creating an original idea

Question 11

what is an disadvantage of adapting an existing product

Answer 11

Adapting existing products may not be as innovative as creating original ideas

Question 12

what does innovative mean

Answer 12

introducing new and original ideas