BTEC 2 Micro-enterprise review

What is an Entrepreneur?

• A person who sets up a business, taking on financial risks in the hope of profit.

• A person who wants to make money

• A person who thinks about ideas but waits for someone else to make it a business

• A mystery person from outer space

Highlight two key skills of an entrepreneur

• Being lazy

• Being a risk taker

• Being motivated

• Being a good gamer

What is the definition of a micro-enterprise?

• A small spaceship

• A very large business

• A business operating on a very small scale

• One of Richard Branson's business ventures

Highlight two ways you can generate ideas

• Looking to see if there is a product or service missing where you live

• Making something up

• Looking at your daily life and seeing if there is a product or service missing

• buying the idea from someone else

Highlight two business considerations you need when analysing an idea

• How much will it cost to make and sell?

• Will I like it?

• Will I hate it?

• What ways could the idea be marketed?

Highlight two ways to market your idea

• Telling your pet

• Keeping it to yourself

• Social media

• Leaflets

What is the definition of a target market?

• A shooting range

• Where you go to buy targets

• A specific group of consumers at which a product or service is aimed

• A created group of consumers to buy a product or service

What is the definition of a SWOT?

• A tool that helps a business be better than another

• An analysis of your current situation

• A situational analysis that helps a person look further at a business or idea

What does SWOT stand for?

• Super Strengths

  Outstanding Strengths

  Worrying Weaknesses

  Tiring Weaknesses

• Strengths

  Opportunities

  Weaknesses

  Threats

• Strengths

  Outside

  Within

  Threats

Do you think your micro-enterprise idea will be a success>

• Yes

• No

• Maybe