Understanding Enterprise and Entrepreneurship

Amber and Jacob are starting a new business venture. What should be their primary goal in enterprise?

• To maximise profits at any cost

• To use creativity and innovation to meet customers’ needs and aspirations

• To eliminate all competition

• To focus solely on financial gains

Grace and Alfonso are planning to start a new business. Which of the following is a strategic risk they might face?

• A competitor entering the market

• Non-payment by a customer

• Introduction of new health and safety legislation

• Breakdown of key equipment

Grace and Amber are working on a project that aims to provide clean drinking water to underprivileged communities. What type of enterprise are they likely focusing on?

• Start-up

• Lifestyle

• Social enterprise

• Franchise

Grace has decided to start her own bakery business, where she will be the sole owner and operator. What type of business format is Grace using?

• Partnership

• Sole trader

• Limited partnership

• Public limited company (PLC)

Jacob and Lillie are starting a new business. What is a key characteristic of an entrepreneur's mindset that they should embrace?

• Rigidity

• Passivity

• Adaptability and flexibility

• Indifference

Amber and Grace run a small business. Which of the following is a financial risk for their enterprise?

• A competitor entering the market

• Non-payment by a customer

• Introduction of new health and safety legislation

• Theft of key equipment

Alessia and Ben are starting a business together. What is their primary focus if they want to create a lifestyle enterprise?

• Rapid growth and expansion

• Achieving a balance between work and personal life

• Addressing social issues

• Franchising opportunities

Jacob and Cristian are discussing different types of enterprises for their business class project. Which of the following is NOT a type of enterprise?

• Start-up

• Lifestyle

• Social enterprise

• Corporation

Charlie and Lillie are working on a new business idea. What is the role of creativity in their enterprise?

• To replicate existing products

• To meet customers’ needs and aspirations

• To reduce costs

• To avoid risks

Grace and Jacob are discussing different types of business structures. Which enterprise type allows shares to be sold to the public?

• Sole trader

• Partnership

• Private limited company (LTD)

• Public limited company (PLC)