The Role of Enterprise & Entrepreneurship

When a business launches an updated product with new features, it is best described as adding value through:

• Convenience
• Branding
• Quality
• Design

Which of the following statements best describes the term, unique selling point? When a business:

• Establishes a clear target market for its products
• Develops an aspect of a product that makes it different to its rivals
• Carries out market research effectively
• Produces a range of goods and services

The main purpose of which of the following businesses is to provide a service to customers?

• An independent bakery
• A dog grooming parlour
• A farm
• A specialist skateboard producer

Which of the following statements best describes the term, entrepreneur?

• Someone who buys a product from a business
• Someone who uses goods and services produced by a business
• Someone who works for a business
• Someone who is willing to take the risk involved in starting a business

In order to add value, local grocery stores often sell cheese that has already been grated for the customer. This adds value through:

• Convenience
• Branding
• Quality
• Customer service

One role of an entrepreneur is to organise resources. Which of the following statements best describes this role?

• The ability to take calculated risks
• The skill to think creatively
• Employing workers and buying equipment in order to produce goods
• The prospect of keeping all profits that are generated

Which of the following statements best describes the term, added value?

• When a product stands out from those of its competitors
• Making a product widely recognisable
• The difference between the cost of a product and its selling price
• Making a product convenient to use

Which of the following skills best describes an entrepreneur that has successfully created and launched a unique business idea onto the market?

• Team player
• Communicative
• Organised
• Innovative

An entrepreneur has decided to set up a mobile hairdressing business. The main reason for starting this business was:

• To supply a service to customers
• To produce goods for customers
• To supply a service to suppliers
• To produce goods for suppliers

In order to make its products stand out from those of its competitors, a small chocolate manufacturer produces organic, gluten free, chocolate bars. This is classed as adding value through:

• Customer service
• A unique selling point
• Branding
• Convenience