Business 1.1: Enterprise and Entrepreneurship Flashcards
(6 cards)
1
Q
WHY do new business ideas come about?
A
-Changes in new technology
-Changes in what customers want
-Products and services becoming obsolete
2
Q
HOW do new business ideas come about?
A
-Original ideas
-Adapting existing products/services/ideas
3
Q
What is the impact of risk on business activity? (Risks)
A
-Business failure
-Financial loss
-Lack of security
4
Q
What is the impact of risk on business activity? (Reward)
A
-Business success
-Profit
-Independence
5
Q
What are the roles of business enterprise and the purpose of business activity?
A
-To produce goods and services
-To meet customer needs
-Too add value: Convenience, branding, quality, design, unique selling point (USP)
6
Q
What is the role of an
entrepreneur?
A
-To organise resources
-Make business decisions
-Take risks
