WorksheetsEntrepreneurship - Unit 4: Grade 9 Business
Total questions: 24
Worksheet time: 35mins
What is Entrepreneurship?
Entrepreneurship: The ability to make money from a business, that provides a service products, that can apply to many different markets.
A person who has an idea, and is able to make a business based on that idea that can provide a service, need, want. (basically makes their idea into a business.)
Entrepreneurship is a business company.
an idea.
What is an entrepreneur?
A person who invests in the stock market
A person who has an idea and creates it into a business, organises and operates it, taking on financial risk in the hope of profit. A person who invests in the stock market
What are some characteristics or an entrepreneur?
What are NEEDs and WANTs in a business?
What is a NEED in business?
A need is something that people have when it comes to wanting something really badly.
A need is something that people need to have to survive or need to maintain basic human functions.
something I want and think I can't live without. (for example, and iPhone)
What is a WANT in business?
A want is a certain thing that people need, and can't live without.
A want is something people need.
A want are goods and services that a person desires but doesn't need to have to live or satisfy their human needs.
What are the factors of production?
Land
Labour
Hard-work
Capital
Entrepernuership
Factors of Production
Factors of Production, are 4 factors that are necessary when having to start a business. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome. There are certain materials that people need and certain ways they can produce products, to produce goods and services.
Land: raw materials (wood, materials from farms, natural materials, etc.)
Labour: workers who do the jobs.
Capital: machinery, tools and buildings.
Entrepreneurship: all 3 productions are put together to start the business in new innovative ways.
What is Land?
Land: a land owned by someone, that can be bought
Land: Raw materials extracted from nature. (natural resources)
Land: the part of the earth's surface that is not covered by water.
a country or state.
What is Labour?
have difficulty in doing something despite working hard
Labour: labor pregnancy.
Labour: labour is the work done by humans. (jobs that are done by people).
What is Capital?
Capital: money, Machinery, tools, buildings, technological parts.
The capital of a country.
Capitalism.
What is Entrepreneurship in production?
Entrepreneurship is the act of being an entrepreneur, or the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits.
Combining all 3 factors of production: Land, Labour, and Capital to create or produce the goods and services.
a company.
What is the first business sector?
(a)
What is the second business sector?
(a)
What is the third business sector?
(a)
The three sectors of business
There are three sectors in business, that provide a way for people to produce goods and services for their business. These 3 ways are all fundamental when it comes to creating a product: the primary sector, secondary sector, and territory sector.
The Primary Sector: In the primary sector, you start with all the raw, natural materials extracted from the earth. (agriculture, fishing, forestry, and mining.)
The Secondary Sector: In the Secondary sector, this is where all the manufacturing begins. You convert all your raw materials into finished goods there are machines, boxing, and assembly.
The Territory Sector: In the Territory sector, this is where you sell your products, as a business for the needs and wants of people. You can be an engineer, a babysitter, or a professional service. You are a service that provides people with your products for a profit.
What are the 3 sectors?
(a)
What is a GOOD?
A good is something that's nice or helpful.
A good deed.
A good is something that you can physically touch. This is made for people to buy or use.
The Good Place
What is a SERVICE?
A service is something you can physically touch and produce.
a service is a job that people have and do in order to provide people with help/service for profit.
room service in hotels.
a service offered by an electronic device to another electronic device, communicating with each other via the Internet, or a server running on a computer device.
What are some reasons businesses fail?
No money
1. Poor management
2. over expansion
3. failure to plan for challenge
4. Poor financial managment
Bad ideas
What is poor managment?
What is over expansion?
What is failure to plan for change?
What is poor financial managment?
What is a business plan?
a list o f groceries
It is a document containing the business objectives and important details about the operations, finance, and owner of the new business.
A plan to make a business about cats
Content of a business plan:
1.Executive summary
2.The Owner
3.Product and service
4.The market
5.Market strategy
6.competitor analysis
7.Operations and logistics
8.Cast and pricing
9.Financial forecast
10.Back up plan
a grocery list.
