1.1 The role of business enterprise and entrepreneurship

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.

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.

When entrepreneurs spot an opportunity to trade and make a difference to society?

• Business enterprise
• Trade enterprise
• Organic enterprise
• Social enterprise

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

What are the 6 stages, in order,  to developing a business idea?

• Launch, testing, developing, business plan, market research, brainstorming
• Brainstorming, launch, test, develop, business plan, market research
• Brainstorming, market research, business plan, developing the product/service, testing and launch
• Brainstorming, market research, developing, business plan, testing and launch

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

Define the term 'risk'

• 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
• This is the possibility that the business will have a lower than expected profit or a loss
• Check it satisfies a customer need = market research

Define what is meant by the term 'reward'.

• This is the possibility that the business will have a lower than expected profit or a loss
• This is the benefit of having a business which may be keeping the profit, working for yourself or being able to take holidays when you want

What is meant by social enterprise?

• Aims to achieve the highest profits for shareholders
• A social enterprise is owned by one person
• A social enterprise has ethical considerations at his heart, for the benefit of society.
• A social enterprise is two or more people working together.

The reward for enterprise is?

• Profit
• Hard work
• Risk
• Self-discipline