Theme 1.1 Flashcards
Enterprise and ENTEPRNEURSHIP (26 cards)
What is the definition of enterprise?
Enterprise is the process of identifying opportunities and taking risks to create and manage a business.
True or False: Entrepreneurs are only motivated by profit.
False
What are the four factors of production?
Land, labor, capital, and enterprise.
Fill in the blank: An entrepreneur is someone who ____ a business.
starts
What is the main role of an entrepreneur?
To innovate and manage a business venture.
Which of the following is NOT a characteristic of an entrepreneur? A) Risk-taker B) Innovative C) Risk-averse D) Determined
C) Risk-averse
What does the term ‘market gap’ refer to?
A market gap refers to an unmet need or demand in the market.
True or False: All businesses are enterprises.
True
What is a business plan?
A business plan is a document that outlines a business’s goals, strategies, and financial projections.
What is the purpose of market research?
To gather information about consumers’ needs and preferences.
Fill in the blank: ____ is the ability to produce goods or services efficiently.
Entrepreneurship
What is the difference between a good and a service?
A good is a tangible product, while a service is an intangible offering.
Which of the following is an example of a service? A) Car B) Haircut C) Book D) Smartphone
B) Haircut
What is the term for the financial reward for taking risks in business?
Profit
True or False: Entrepreneurs do not need to be innovative.
False
What is a start-up?
A start-up is a newly established business, often in its early stages of development.
What does ‘scalability’ mean in a business context?
Scalability refers to the ability of a business to grow and manage increased demand without compromising performance.
Fill in the blank: A ____ is a person who identifies a gap in the market.
entrepreneur
What is the importance of entrepreneurship in the economy?📈👩💻💷💳
It drives innovation, creates jobs, and contributes to economic growth.
What is a social entrepreneur?
A social entrepreneur is someone who establishes an organization with the aim of solving social problems.
Which of the following is a risk faced by entrepreneurs? A) Market competition B) Lack of funding C) Uncertain demand D) All of the above
D) All of the above
What is a unique selling proposition (USP)?
A USP is a factor that differentiates a product from its competitors.
True or False: Entrepreneurs should avoid taking risks.
False
What is a franchise?
A franchise is a business model where a franchisee is granted the rights to operate a business under the franchisor’s brand.
