OCR 1-9 Business 1.1 - The role of enterprise and entrepreneurs

Why do business exist?

• To satisfy the needs of customers
• To help owners make a living
• To help the government collect tax
• To provide jobs
• To realise opportunities within the market

What is enterprise?

• The creation of a business
• The management of the economy
• The skill of being able to sport an opportunity
• The skills that an entrepreneur has
• Government funded businesses

Which of following are the characteristics of an entrepreneur (as stated by the exam board)

• Determination, Academic, Literate, Management
• Hard working, Adaptable, Resilient, Creativity
• Accounting, Management, Sales technique, Determination
• Self belief, Motivation, Confidence, Leadershio
• Creativity, Risk taking, Determination, Confidence

True or false: A good entrepreneur will take calculated risks

• True
• False

Which of the following is NOT a potential reward for taking calculated risks?

• Independence - be your own boss
• Pay less tax
• Financial gain
• Self-satisfaction
• Changing customers habits

Which of the following is NOT a potential drawback of taking calculated risks?

• Loss of investment
• Poor health
• Strained relationships
• Loss of business license
• Loss of income

Business exist to:

• Provide quality goods to people who can afford them
• Sell goods to a particular target audience
• Meet the needs of all of their customers
• Research ways to make products better
• Increase the amount of tax collected by the Government

True or False: A entrepreneur needs to be excellent at financial management

• True
• False

True or False: All business ideas must start with a brand new idea if they are to be successful

• True
• False

Which of the following is an example of a business organisation

• Google
• Loros
• Beaumont Leys School
• Leicestershire Fire and Rescue
• All of them