Entrepreneurs

Entrepreneurs

NCFE Level 1/2 Award Business and Enterprise

Multiple Choice

What is an entrepreneur?

• A person who spots an opportunity to provide goods or services to customers in order to make a profit
• The process/activities by which new businesses are formed in order to offer products and services in a market.

The Role of Business Enterprise

Business Enterprise is the entrepreneurial activity undertaken by entrepreneurs or Businesses

Either by setting up a new business or expanding one that they currently run

An entrepreneur is only only someone who has an idea for a new business and tries to make is successful

An entrepreneur also has to:

* Organise Resources,

* Make Business Decisions and

* Take Risk

Multiple Choice

A reward for setting up your own business is.....

• You work for someone else and get a salary and holiday entitlement.
• Be your own boss, make your own decision and change the business as you want.

Multiple Choice

The reward for enterprise is?

• Profit
• Hard work
• Risk
• Self-discipline

Multiple Choice

What are the characteristics of an entrepreneur?

• Creative, risk taker, determined, confident, adaptable
• Not creative, risk averse, unreliable, joker
• Happy, loving, joker, hard working
• Predictable, sad, demotivated, risk averse

Multiple Choice

What must a company do to ensure any new idea is successful?

• Check it satisfies a customer need = market research
• Carry out a successful launch of the product/service

Multiple Choice

What is meant by enterprise?

• A person who spots an opportunity to provide goods or services to customers in order to make a profit
• The process/activities by which new businesses are formed in order to offer products and services in a market.

Open Ended

Examination Question One

What is meant by the term Entrepreneur (2)

Open Ended

Examination Question Two

Describe TWO characteristics that allow an Entrepreneur to be successful (4)