Topic 1 - Business in the real world

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.

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

Which of the following is not a risk of running your own business?

• Recession /economic / political problems and instability
• Poor reputation  which can lead to loss of sales, loss of revenue and loss of profitability
• Commercial risks, failure of suppliers to supply and customers to pay
• Better work/life balance

The weather and other natural disasters are a risk to a business - true or false?

• True
• False

A ______ _______ is a risk of business as it can lead to less customers, which means less income and profit.

• Poor reputation
• Good reputation
• Commercial risk
• Change in house prices

 Which of the following is an example of a non-profit organization? 

• Beauty Salon
• Salvation Army
• ITT Technical Institute
• Amazon

Quality means…

• Produce goods and services which does not meet customer requirements 
• Produce services which does meets customer requirements 
• Produce goods and services which does meet customer requirement 
• Produce goods that meet customer requirements  

An example of batch production is

• Bakery
• Tailor
• Garden design
• Car manufacturing

An example of job production is

• Kitchen design
• Car manufacturing
• Teaching
• Raw materials