Topic 1.1 Flashcards
(6 cards)
1
Q
Why do new business ideas come about?
A
-Changes in technology
-Changes in what consumers want
-products/ services becoming obselete
2
Q
How do new business ideas come about?
A
-Origional ideas
-adapting existing products/ services/ ideas
3
Q
What is the impact of risk on business activity?
A
Business failure, financial loss, lack of security
4
Q
What is the impact of reward on business activity?
A
Business success, profit, independence
5
Q
What is the role of business enterprise?
A
- to produce goods or services
- to meet customer needs
-to add value : convenience, branding, USP, quality
6
Q
What is the role of an entrepreneur?
A
- organise resources
- makes business decisions
- takes risks
