Starting a Business

What is a "need"?

• An essential you cannot survive without

• A luxury that makes life easier or more pleasant

Which of these is a need?

• Food

• Sofa

• Laptop

• Designer Clothes

What is a "want"?

• Something you can live without but makes life nicer

• Something you cannot live without

Which of the following is a "want"?

• Food

• Water

• Shelter

• Airpods

What is customer service?

• Manufaturing goods

• Talking to and helping customers

• Advertising products

• Counting the money in the till

What does "high staff turnover" mean?

• Employees leave a business often and have to be replaced a lot

• Employees rarely leave the business and so do not have to be replaced

What does "commission" mean?

• You are paid minimum wage

• You are paid based on how many items you sell

• You are paid a percentage of the sale you make

• A management style

What is minimum wage for 16 years olds in the UK?

• £9.50

• £4.81

• £4.20

• £6.83

Why is it important to provide good customer service? (Select all that apply)

• Customers will come back to the business

• The business's reputation will increase

• Employees are less likely to leave

• Sales and profit increase

What will happen if a business does not satisfy their customers? (Select all correct answers)

• Customers will spend more money there

• Customers will recommend the business

• Customers will shop in a rival business (competitor)

• Customers could take legal action (sue) against the business