LO1 - ENTREPRENEURSHIP (PART A)

What is an entrepreneur?

• A person who works for a company

• A risk taker who starts their own business or enterprise

• Someone who invests in stocks

• A manager in a large corporation

What is a common goal for entrepreneurs?

• To avoid risks

• To work for someone else

• To make a profit or achieve personal satisfaction

• To follow a strict routine

What does being an entrepreneur involve?

• Setting up new business ventures every day

• Avoiding any form of risk

• Having foresight, drive, and ambition to solve problems

• Working only in the technology sector

What is it called when entrepreneurs launch a new product or service?

• Market saturation

• Market gap

• Market analysis

• Market research

What is one of the roles of a successful entrepreneur?

• Identify Potential Business Opportunity

• Ignore Market Research

• Avoid Financial Planning

• Focus Solely on Product Design

What does evaluating the viability of a business opportunity involve?

• Ignoring market trends

• Ensuring the business idea is viable through market research and careful planning

• Focusing only on product design

• Avoiding financial considerations

What are the 4Ps of the marketing mix?

• Price, Place, Product, Promotion

• Plan, Produce, Profit, People

• Price, People, Product, Process

• Plan, Place, Promotion, People

What is a key aspect of managing risks for an entrepreneur?

• Avoiding all risks

• Taking steps to reduce risks and ensure rewards

• Ignoring financial risks

• Focusing only on short-term gains

What are the three main motivators for entrepreneurs to start their own business?

• Financial, Personal, Social & Ethical

• Financial, Environmental, Political

• Personal, Political, Technological

• Social, Technological, Environmental

What is one of the personal motivators for entrepreneurs?

• Job Satisfaction

• Environmental Impact

• Political Influence

• Technological Advancement