OCR GCSE Business Topic 1

What is an entrepreneur?

• A person who spots an opportunity to

  provide goods or services to customers

  in order to make a profit

• The process/activities by which new

  businesses are formed in order to offer

  products and services in a market.

What is meant by enterprise?

• A person who spots an opportunity to

  provide goods or services to customers

  in order to make a profit

• The process/activities by which new

  businesses are formed in order to offer

  products and services in a market.

When entrepreneurs spot an opportunity to trade and make a difference to society?

• Business enterprise

• Organic enterprise

• Social enterprise

• Trade enterprise

What must a company do to ensure any new idea is successful?

• Carry out a successful launch of the

  product/service

• Check it satisfies a customer need =

  market research

What are the 6 stages, in order, to developing a business idea?

• Brainstorming, market research,

  business plan, developing the

  product/service, testing and launch

• Brainstorming, launch, test, develop,

  business plan, market research

• Launch, testing, developing, business

  plan, market research, brainstorming

• Brainstorming, market research,

  developing, business plan, testing and

  launch

What are the characteristics of an entrepreneur?

• Happy, loving, joker, hard working

• Predictable, sad, demotivated, risk averse

• Not creative, risk averse, unreliable, joker

• Creative, risk taker, determined,

  confident, adaptable

Define the term 'risk'

• This is the possibility that the business

  will have a lower than expected profit or

  a loss

• Check it satisfies a customer need =

  market research

• The process/activities by which new

  businesses are formed in order to offer

  products and services in a market

• A person who spots an opportunity to

  provide goods or services to customers

  in order to make a profit

Define what is meant by the term 'reward'.

• This is the possibility that the business

  will have a lower than expected profit or

  a loss

• This is the benefit of having a business

  which may be keeping the profit, working

  for yourself or being able to take holidays

  when you want

What is meant by social enterprise?

• A social enterprise has ethical

  considerations at his heart, for the

  benefit of society.

• Aims to achieve the highest profits for

  shareholders

• A social enterprise is two or more people

  working together.

• A social enterprise is owned by one

  person

The reward for enterprise is?

• Self-discipline

• Profit

• Hard work

• Risk