OCR GCSE Business Unit 1

Which are ALL the characteristics of an entrepreneur?

• Happy, good looking, caring, passionate

• Creative, risk taker, determined, confident.

• Creative, happy, passionate, risk taker

• Creative, unhappy, hardworking, caring.

Enterprise is...

• Seeing an opportunity (gap in market) for a product/service that people are willing to buy.

• Starting your own business.

• Getting investment.

• Forming a partnership.

An entrepreneur is...

• An established business owner

• An employee

• Someone who takes the risk of starting and running their own enterprise.

• A shareholder

Which is NOT a BUSINESS reward of risk taking?

• Financial

• Prove people wrong

• Independence

• Self satisfcation

Which is NOT a drawback (negative) of risk taking

• Health risks

• strained relationships

• money losses

• Happiness

Why should we create business plans?

• To make us feel better

• To allow others to know what we are doing

• Reduces risk, helps a business to succeed thinking about all aspects carefully, increases likelihood of funding.

• To show our friends

Which contents of a business plan are ALL correct with no incorrect aspects?

• Owner/s, Market research, Finance, Aims and objectives, Target market, Competitors.

• Owner/s, Market research,

• Owner/s, Aims and objectives, Target market, Competitors.

• Owner/s, Market research, Finance, Aims and objectives, Target market,

Which is NOT a role of a business plan

• Helping get finance

• Looking good

• Identifying the market

• Achieving aims and objectives

Which is NOT a type of business ownership

• Partners

• Sole Trader

• Private Limited Company

• Friendship

What is limited liability?

• If the business goes into financial trouble, it doesn't affect you personally.

• You're in charge

• You don't have to do paperwork

• You're told what to do by the boss.