Business Enterprise

What is meant by business enterprise?

• The creation of a new business.

• The entrpreneuer.

• When an a business enters a new market.

• The closing down of an old business.

Which one of these is a financial motive?

• Provide employment for themself.

• Fill gap in the market.

• Be the boss.

• Provide employment for others.

Which one of these is a non financial motive?

• Provide employment for themselves.

• Fill gap in the market.

• Receive a profit.

• Earn an wage.

What is meant by the term entrepreneur?

• A person who runs a business.

• A person who creates a product.

• A person who sets up a business.

• A person who is in control of the business.

Which one of these is not a characteristic of an entrepreneur.

• Inititiative

• Risk taker

• Confident

• Creative

What are the rewards of being an entreprenuer?

• Be your own boss

• Pressure on friends and family.

• Greater work life balance

• Less job security

What are the risks of being an entrepreneur?

• Pursue an interest

• Low sales

• Potentially long hours

• Dissatisfaction with current job.

Answer explanation

Dissatisfaction with current job would be a reason why a person would become an entrepreneur as they want to leave their job to create a job they prefer. This would be a reward not a risk of becoming an entrepreneur.

Which one is not the role of an entrepreneur?

• Creating a product

• Raising finance

• Organising resources

• Creating new laws

How might an entrepreneur demonstrate they are a risk taker?

• Start a business.

• Create a product.

• Quit their full time job.

• Invest a small amount of money into the business.

Why do people want to set up their own business?

Answer explanation

Personal ambition / interest / Earn a profit / be own boss / keep family business going / provide service to local community / find gap in the market etc.