Understanding Business and Entrepreneurship

What is one of the primary roles of a business according to the video?

• To create a monopoly

• To produce goods or provide services

• To eliminate competition

• To reduce costs at all costs

Which of the following is an example of a tangible good?

• Internet access

• Gym wear

• Haircut

• Insurance products

How did Gymshark respond to a website crash during a Black Friday sale?

• Ignored the issue

• Offered refunds

• Sent apology letters and discounts

• Closed the website permanently

What is a key factor in Gymshark's success in meeting customer needs?

• Ignoring customer feedback

• Focusing on a specific target market

• Offering the cheapest prices

• Expanding to all age groups

What is one way Gymshark adds value to its products?

• By avoiding online sales

• By reducing quality

• By offering limited customer service

• By using influencer marketing

Which of the following is NOT a method of adding value mentioned in the video?

• Convenience

• Branding

• Reducing prices

• Quality

What is a unique selling point (USP) according to the video?

• A feature that makes a product stand out

• A method to reduce production costs

• A strategy to copy competitors

• A way to lower prices

What is one of the roles of an entrepreneur?

• To follow trends

• To work for someone else

• To organize resources

• To avoid risks

What risk did Ben Francis take when starting Gymshark?

• He partnered with a competitor

• He dropped out of university

• He sold his family home

• He invested in real estate

What is a key reason someone might choose to become an entrepreneur?

• To take risks for potential financial gain

• To work fewer hours

• To avoid making decisions

• To have more financial security