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Business

Spec 1.1 (Enterprise and Entrepreneurship)

QuestionAnswer
What 3 reasons make new business ideas come about? 1. Changes in technology 2. Changes in consumer wants 3. Products/services becoming obsolete
How do new business ideas come about? (2 ways) 1. Original ideas 2. Adapting existing products/services/ideas
What are the 3 main risks of business activity? 1. Business failure 2. Financial loss 3. Lack of security
What are the 3 main rewards of business activity? 1. Business success 2. Profit 3. Independence
What are the 3 purposes of business activity? 1. Producing goods/services 2. Meeting customer needs 3. Adding value
What are the 5 methods of adding value to a product/service? 1. Convenience 2. Branding 3. Quality 4. Design 5. USP
Why does branding add value to a product/service? Creates a unique identity that distinguishes it from it's competitors. Also increases customers trust, loyalty and recognition
What 3 things must an entrepreneur do when setting up a business? 1. Organise resources 2. Make business decisions 3. Take risks
Created by: JoeMather
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