Year 9 Running a Small Business

What is the main motivating force behind individuals starting their own business?

• Hope of making a profit

• Desire for independence

• Passion for creative ideas

• Need for financial rewards

Which of the following is an advantage of being self-employed?

• Constantly solving problems

• Possible tax advantages

• Long working hours

• Uncertain income fluctuations

What is one important quality for an entrepreneur when establishing a business vision?

• Ability to work independently

• High levels of responsibility

• Desire to contribute to society

• Clear sense of direction for the business's future

What is the significance of identifying a gap in the market for a new business?

• It allows the business to compete with existing businesses effectively.

• It ensures the business will be successful from the start.

• It provides an opportunity to establish something unique and not already available.

• It indicates the business has no competition.

How do successful entrepreneurs view failure?

• They fear failure and try to avoid it at all costs.

• They appreciate failure as a learning opportunity and embrace it.

• They consider failure as a sign of weakness and give up easily.

• They ignore failure and continue with their original plans.

What distinguishes a social entrepreneur from a regular entrepreneur?

• Social entrepreneurs focus on making a profit, while regular entrepreneurs aim to address social issues.

• Social entrepreneurs only operate as not-for-profit businesses, while regular entrepreneurs focus on making profits.

• Social entrepreneurs address social, cultural, or environmental concerns with their businesses.

• Regular entrepreneurs only establish businesses for financial gain.

What are the key qualities shared by both Yolanda Zurack (a Year 10 student) and Bill Gates as entrepreneurs?

• Large financial gains and multiple businesses

• Ability to establish a shared vision and financial success

• Experience in the tech industry and high levels of responsibility

• Identifying opportunities and taking risks

How do successful entrepreneurs demonstrate initiative?

• They seek constant approval and guidance from others.

• They follow traditional business practices without any deviations.

• They work independently and take action without being told.

• They avoid taking risks and stick to conventional methods.

Why is the ability to innovate essential for entrepreneurs?

• It guarantees immediate financial success for the business.

• It allows entrepreneurs to outsource tasks and save time.

• It helps entrepreneurs cope with long working hours.

• It enables entrepreneurs to create new or improved products and services.

What is the main purpose of a cost–benefit analysis in commerce?

• To identify opportunities and propose alternative ways to take advantage of them.

• To calculate the costs and benefits of a project or decision.

• To inform the decision about the best alternative to recommend.

• To compare different alternatives or projects.