Business unit 1

why are new businesses created?

• change in customer wants

• change in customer needs

• advancement in technology

• old businesses didnt work

what are the two types of new business ideas?

• first and second

• changing and adapting

• adapting existing and creating new

what is the main reason business ideas come about?

• YOLO

• dynamic truth

• true nature

• dynamic nature

what are the risks entrepreneurs face when starting a new business?

• lack of security

• risk of failure

• financial loss

• dissatisfaction

what does setting up your own business mean?

• flexible working hours

• ordinary salary

• regular wage

• no control

what reward can an entrepreneur gain?

• financial and emotional

• spiritual and financial

• emotional and physical

• physical and spiritual

why do entrepreneurs lack security?

• limited liability

• unlimited liability

• no assets

• no regular wage

a service is a physical product

• true

• false

an example of a good is:

• air bnb

• spotify

• coca cola

what can a business give to a customer?

• wants

• needs

• dreams

• wishes