Entrepreneurship and Business Fundamentals

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What is an entrepreneur?

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An entrepreneur is a person who starts a business by risking his or her money and assets in order to make a profit that is greater than the interest from another type of investment.

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What are the important factors to consider when identifying a potentially profitable business opportunity?

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1. Passion

2. Target market

3. Product or service

4. Competitive edge

5. Price

6. Location

7. Testing the business idea

8. Capital.

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Why is market research important for entrepreneurs?

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Market research helps identify the target market, understand the industry, determine pricing, and assess how to produce and deliver the product.

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What are the 5 P's included in a marketing plan?

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1. Product 2. Price 3. Place 4. Promotion 5. People.

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What is a SWOT analysis?

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A SWOT analysis is a strategic planning tool that identifies the Strengths, Weaknesses, Opportunities, and Threats related to a business.

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What is quality control?

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Quality control is the process of inspecting products to ensure they meet required standards and specifications.

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What are the stages of quality control?

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1. Tidy workplace

2. Inspecting raw materials

3. Inspecting finished products.

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What is the First In First Out (FIFO) method?

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FIFO is a stock management method where the oldest stock is sold first to prevent spoilage and ensure freshness.

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What factors influence the efficient production of quality products?

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1. Quality of raw materials

2. Hygiene of workers

3. Careful control of finances

4. Efficient use of time.

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What is sustainable profitability?

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Sustainable profitability refers to a business's ability to maintain profit over the long term while adapting to market changes and customer needs.