Business Theme 1 9-1 GCSE 1.1/1.2

Which of the following are ways that new business ideas can be generated

• A new idea/invention

• Using obsolete products

• Adapting existing ideas (improvements/changes)

• Copying an existing product from another company

Which of the following are rewards of starting a business?

• Business Success

• Footfall

• Profit

• Convenience

• Independence

Which of the following are risks for a business?

• Business Failure

• Financial Loss

• Unreliable Market Research

• Lack of Security

• Government Taxation

Which of the following are methods of reducing risk?

• Carrying out detailed market research

• Produce a business plan

• Raise sufficient start-up finance

• Use a bank overdraft

• Rely on instinct

What factors make a business riskier than others?

• Seasonal Demand (i.e. ice cream)

• Being in a highly competitive market

• Having an owner with lots of experience

• Having the support of a franchisor

• Being in a large market

Which of the following are ways to add value?

• More convenience

• Unique Selling Point

• Improved Branding

• Lower Variable Costs

• Lower Prices

What are benefits of adding value?

• Can charge higher prices

• More competitive

• Impressing your family and friends

• Convenience

• Meeting customer needs

Which of the following are a part of the role of an entrepreneur?

• Taking Risks

• Organise Business Resources

• Employ People

• Take out a loan

• Improve convenience

How do entrepreneurs benefit the economy?

• By creating jobs

• By paying tax to the government

• By exploiting workers overseas

• By taking risks

• By increasing footfall

Which of the following are ways of meeting customer needs?

• Lower Prices

• Greater Choice

• More Convenience

• Finding a gap in the market

• Reducing Quality