Review of 1.5 - Entrepreneurs and Leaders

What is one way a business idea comes about?

• Changes in consumer wants

• Rise in taxes

• By remembering an obsolete product

• Impressing the friends of the creators

Which is an example of an obsolete product or service (not used)?

• Netflix

• YouTube

• DVDs

• iPad

Which is a possible risk to an entrepreneur setting up a business?

• Financial stability

• Good support and security

• Failure to succeed

• Too many financial support options

What is a non-financial motive to set up a business?

• To give dividends to friends and family

• To out perform their past company in sales

• Financial reward

• Social/ethical stance

What is the main role of enterprise?

• To continue the trend of what is already in the market

• To come up with new ideas and add value to existing ideas

• To force other companies into bankruptcy

• To create inconvenience for other businesses

How can a business add value to an exiting product in the market?

• Advertise their similar design

• Create an inconvenience for competitors

• Through re-branding and better quality

• Re-design using past competitor products

What are the qualities of an entrepreneur? Choose the correct options.

• Dis-organised

• Hardworking

• Innovative

• Very risk averse

What is a business aim?

• Build brand awareness

• Increase market share

• A goal that is sought in order to reach a greater purpose

• The ultimate purpose for the business

What are the factors that affect a business' objectives? Choose the options below.

• The size of the business

• The product portfolio of a competitor

• Level of competition

• Government and legal action

What is an advantage of a sole trader?

• Unlimited liability

• Easy to set up

• It can be hard to retain good employees

• Be someone else's boss