What is a business?
A business enterprise is an organization that meets consumers’ needs and wants by providing them with goods and services. A successful business is one that is able to maximise its profits through the best delivery of its product when measured against its competition. This includes the quality of the product, its price, advertising, facilities and customer service.
What is an entrepreneur?
An entrepreneur is a person who has a business idea; takes the initiative in setting up a business venture and bears the risk associated with it.
What are the characteristics of a successful entrepreneur? (List 6) determination, passion, initiative, flexibility, self-confidence, drive and energy
Select any 2 characteristics and explain why they are important for success.
Determination – have a will to succeed, complete tasks in a committed manner and usually learn from their mistakes.
Initiative – have the ability to look at any situation and see opportunities where others might only see the negatives. They can see what needs to be done without having to be given instruction/direction. A leader generally shows initiative.
What is a mission statement? What are the benefits to a business of having a mission statement? (Discuss 2)
A MISSION STATEMENT formally expresses why an organisation exists, its purpose and its function
· Creates a benchmark to evaluate business performance
· Creates business identity/contributes to business’s public image
· Indicates the business’s strengths
· Gives employees a common purpose
What is the importance of having a good business name, logo and slogan?
A good name, logo and slogan will establish a business brand and helps attract the target market. They project an image of the business to the public and sets it apart from its competitors.
What are the features of an effective logo?
Simple, reflect the brand, memorable, easily adapted to different usage.
What are the 4 Ps of marketing?
Product, Price, Place and Promotion
Explain the term BRANDING. What 5 things contribute to creating a brand?
BRANDING is the image a business projects to the public. It is how its customers recognise and experience the business. The brand should reflect what the business stands for and what sets it apart from its competitors - it expresses the qualities, strengths and ‘personality’ of the business.
