Untitled Deck

Question 1

What is an entrepreneur?

Answer 1

An individual who takes risks to start and manage a business.

Question 2

What are key characteristics of an entrepreneur?

Answer 2

Risk-taking, creativity, resilience, problem-solving, decision-making.

Question 3

What is enterprise?

Answer 3

The process of identifying a business opportunity and taking risks to set up a business.

Question 4

What are the rewards and risks of entrepreneurship?

Answer 4

Rewards: Profit, independence, personal satisfaction. Risks: Financial loss, uncertainty, stress.

Question 5

What is intrapreneurship?

Answer 5

Employees acting like entrepreneurs within a business to innovate and improve operations.

Question 6

What are the advantages and disadvantages of entrepreneurship?

Answer 6

Advantages: Financial independence, creative freedom, profit potential. Disadvantages: High risk, financial instability, long working hours.

Question 7

What is the main purpose of business activity?

Answer 7

To produce goods and services to satisfy customer needs and wants.

Question 8

What is the difference between needs and wants?

Answer 8

Needs are essential (e.g., food, shelter), while wants are non-essential (e.g., luxury items).

Question 9

What is value addition?

Answer 9

Enhancing a product’s worth by improving quality, branding, or convenience.

Question 10

How does a business add value?

Answer 10

Branding, product differentiation, customer service, efficiency.

Question 11

What are the main types of business ownership?

Answer 11

Sole trader, partnership, private limited company (Ltd), public limited company (Plc), franchise, cooperative.

Question 12

What is a sole trader?

Answer 12

A business owned and run by one person with unlimited liability.

Question 13

What are the advantages and disadvantages of a sole trader?

Answer 13

Advantages: Full control, keeps all profits, simple setup. Disadvantages: Unlimited liability, limited capital, heavy workload.

Question 14

What is a private limited company (Ltd)?

Answer 14

A business owned by shareholders with limited liability. Shares are not publicly traded.

Question 15

What are the advantages and disadvantages of a private limited company?

Answer 15

Advantages: Limited liability, easier to raise capital, separate legal entity. Disadvantages: Complex setup, financial disclosure, profit sharing.

Question 16

What is a public limited company (Plc)?

Answer 16

A company with shares traded on the stock exchange and limited liability.

Question 17

What are the advantages and disadvantages of a public limited company?

Answer 17

Advantages: Large capital potential, limited liability, high status. Disadvantages: Risk of takeover, strict regulations, loss of control.

Question 18

What is a franchise?

Answer 18

A business model where a franchisor licenses its brand and operations to a franchisee.

Question 19

What are the advantages and disadvantages of a franchise?

Answer 19

Advantages: Established brand, lower risk, training provided. Disadvantages: High startup costs, less control, ongoing fees.

Question 20

What is a stakeholder?

Answer 20

An individual or group affected by business decisions (e.g., employees, customers, suppliers).

Question 21

What are internal stakeholders?

Answer 21

People within the business (e.g., owners, employees, managers).

Question 22

What are external stakeholders?

Answer 22

People outside the business (e.g., customers, suppliers, government, local community).

Question 23

What are the advantages and disadvantages of stakeholder engagement?

Answer 23

Advantages: Improved relationships, better decision-making, enhanced reputation. Disadvantages: Time-consuming, potential conflicts, increased costs.

Question 24

What is a market?

Answer 24

A place where buyers and sellers interact to exchange goods and services.

Question 25

What are the main market forces?

Answer 25

Supply, demand, competition, customer trends.

Question 26

How does demand affect pricing?

Answer 26

Higher demand usually increases prices; lower demand decreases prices.

Question 27

How does supply affect pricing?

Answer 27

High supply lowers prices; low supply increases prices.

Question 28

What is quality management?

Answer 28

Ensuring products and services meet customer expectations.

Question 29

What are the benefits of good quality management?

Answer 29

Customer satisfaction, reduced costs, improved reputation.

Question 30

What are the advantages and disadvantages of high-quality standards?

Answer 30

Advantages: Customer loyalty, competitive advantage, fewer defects. Disadvantages: High costs, training needs, time-consuming.

Question 31

What is quality control?

Answer 31

Checking products at the end of production to ensure quality standards.

Question 32

What is quality assurance?

Answer 32

Quality checks at every stage of production to prevent defects.

Question 33

What is Total Quality Management (TQM)?

Answer 33

A continuous improvement approach where all employees focus on quality.

Question 34

How is quality measured?

Answer 34

Customer feedback, defect rates, repeat purchases, certifications.

Question 35

What is motivation in business?

Answer 35

The factors that influence employees to work effectively.

Question 36

What is Maslow’s hierarchy of needs?

Answer 36

A motivation theory outlining five levels: physiological, safety, social, esteem, self-actualization.

Question 37

What are Herzberg’s motivators and hygiene factors?

Answer 37

Motivators (e.g., achievement) improve satisfaction; hygiene factors (e.g., salary) prevent dissatisfaction.

Question 38

What are the advantages and disadvantages of employee motivation?

Answer 38

Advantages: Increased productivity, lower absenteeism, higher job satisfaction. Disadvantages: Costly incentives, potential inequality, time-consuming.

Question 39

What are the main leadership styles?

Answer 39

Autocratic, democratic, laissez-faire.

Question 40

What is an autocratic leader?

Answer 40

A leader who makes decisions alone without consulting employees.

Question 41

What is a democratic leader?

Answer 41

A leader who involves employees in decision-making.

Question 42

What is a laissez-faire leader?

Answer 42

A leader who provides minimal guidance and allows employees to make decisions.

Question 43

What are the advantages and disadvantages of different leadership styles?

Answer 43

Autocratic: Quick decisions but low morale. Democratic: High engagement but slower decisions. Laissez-faire: Encourages innovation but can lead to disorganization.