A4 Skills and characteristics of entrepreneurs

What is one reason why entrepreneurs start their own enterprise?

• To avoid working

• To be your own boss

• To follow trends

• To avoid risks

What is an entrepreneur?

• A person who works for a large company

• A risk taker who starts their own business

• Someone who avoids challenges

• A person who only follows orders

What is a key characteristic of an entrepreneur?

• Avoiding risks

• Taking calculated risks

• Ignoring market gaps

• Following others

What is meant by a "gap in the market"?

• A place where no businesses exist

• An opportunity to launch a new product or service

• A time when businesses close

• A market with no customers

Which of the following is a role of a successful entrepreneur?

• Avoiding financial decisions

• Identifying potential business opportunities

• Ignoring customer needs

• Following outdated business models

What is the primary goal of identifying a potential business opportunity?

• To find a job

• To pursue ideas and dreams

• To avoid risks

• To reduce expenses

How can entrepreneurs evaluate the viability of a business opportunity?

• By guessing market trends

• Through market research and careful planning

• By copying competitors

• By reducing product quality

What does the target market refer to in business?

• The location of the business

• The customer base for the product or service

• The employees of the company

• The suppliers of raw materials

Why is it important for entrepreneurs to organise resources effectively?

• To increase expenses

• To manage inputs for profit

• To hire more employees

• To reduce product quality

What are the 4Ps of the marketing mix?

• Price, Place, Product, Promotion

• People, Process, Product, Price

• Price, Product, People, Promotion

• Place, Process, Product, Price