Business paper 3

Question 1

Role of entrepreneur

Answer 1

a) Creating and setting up a business
b) Running and expanding/developing a business
c) Innovation within a business (intrapreneurship)
d) Barriers to entrepreneurship
e) Anticipating risk and uncertainty in the business
environment

Question 2

Creating and setting up a business example

Answer 2

Sony, established in 1946 by Masaru and Akio
- first known for creating products such as transistor radio and tape recorder

Question 3

Running and expanding the business

Answer 3

Sony, 1970 and original co-owner Ibuka retired
- many business ventures e.g. acquiring CBS records in 1988 and then Columbia pictures in 1989
- then later entering home video game console market with Playstation
- expanded into financial sector

Question 4

Innovation within a business (intrapreneurship)

Answer 4

Sony
- creating the Trinitron colour TV
- walkman portable audio player
- co-inventing the compact disc

Question 5

Barriers to entrepreneurship

Answer 5

Billie eilish -
once trying to establish her music career struggled with the costs of contracts, and production (starting at the age of 13)

Question 6

Anticipating risk and uncertainty in the business
environment

Answer 6

Spotify/online streaming -
Once was a more physical industry e.g. concerts, vinyls, CDs to switching online
- Spotify became oligopoly
- Original artists such as the beatles and bob dylan becoming lost in the new industry
- Social media and tiktok creating issues with sales
- such a dynamic market and sales depending very much on trends