The Role Of A Business Enterprise Flashcards
1
Q
Why do businesses exist ?
A
To satisfy the needs and wants of a customer and, in return, make a profit
2
Q
What’s a enterprise ?
A
Taking a risk to set up/expand on a new business venture
3
Q
State 3 Characteristics of an entrepreneur?
A
Creative, risk taker, determined, confident
4
Q
State 3 potential rewards for risk?
A
Financial - making a lot of money
Independence - be your own boss
Self satisfaction - sense of achievement
5
Q
What is an entrepreneur ?
A
A person who takes risk in pursuit of starting a business enterprise
6
Q
What is the difference between invention and innovation ?
A
Invention is creating something brand new that did not exist before but innovation is taking something that already exists and adapting it to make it better
