GCSE Business - Dynamic Nature of Business

Which three (3) factors lead to the business environment being dynamic?

• Changes in technology.

• Changes in consumer tastes.

• Changes in the economy.

• Changes in sales.

Successful businesses are the ones that?

• Remain the same

• Don't plan for the future

• Adapt quickly to new circumstances

• Stick to past success

Which is the best definition for the Dynamic Nature of Business

• The idea that business is ever changing because of external factors

• The idea that business need to change their product range every month to remain up to date.

• The idea business needs to change its location every month to remain competitive.

• The idea people within business change their minds all the time.

Sustained business success is likely to come from which 2 factors

• Successfully getting a loan from the bank

• Talking to customers

• Adjusting to customers needs and wants

• Using social media to advertise

An entrepreneur is someone who:

• is an employee of a business enterprise
• takes the risk of starting and managing a business venture
• works for the government to provide public services
• just provides capital to a business start-up.

Items that can be seen and touched are known as...

• Goods

• Services

Someone who starts, operates and assumes the risk of a business is known as an...

• Investor

• Interest person

• Entrepreneur

• Business inventor

Which of the following is not a likely characteristic of a successful entrepreneur?

• willing to take risks
• committed and self-motivated
• innovative
• risk averse

Which are the two ways that entrepreneurs spot business opportunities?

• Adapting an existing idea.

• Looking on Google.

• Coming up with original ideas.

• Copying others who have designed a similar product or service.

What is an entrepreneur?

• Someone who is employed

• Someone who doesn't work

• Someone who has set up their own business

• Someone who works from home