BTEC First in Bus Unit 1 Quiz 2 Enterprise in the Bus World

Choose correct options.

Successful business ideas are:

• Finding innovative solutions

• Meeting customer needs

• Measures of success

• Invest money

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Successful business ideas are:

• Finding innovative solutions

• Identiying new needs

• Meeting customer needs

• Continuing to meet established customer needs

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Successful business ideas are:

• Having a strong vision and seeing it through

• Do not attend lesson and start-up own business

• Invest time and resources

• Measuring of success

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How to find a new business idea?

• Researching the market

• Selecting a product or sevice

• Meet the needs of your target customer

• Find supporting evidence

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Business format are:

• Sole trader

• Partnership

• Private Limited Company and Public Limited Company

• Independent Partnership

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Abreviation of SMART are:

• the most effective objectives

• new goals and AIMS

• systematic measurements of business art

• specific, measurable, vable, realistic, time-relatedachie

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Research results are:

• a descriptions of your potential customers

• list of stakeholders

• information about your competitors

• list of stockholders and payable dividends

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An initial plan for a business idea are:

• collect supporting evidence

• find out business name

• list of product or service

• stated vision

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Initial plan supporting evidence are:

• Possible customers

• Ideas for financing and implementation

• Strategy plan for dealing with competitors

• Possible routes dealing with customers

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Barriers to entry are:

• large start-up costs

• cash flow issues

• competitors

• licences