Understanding Business and Entrepreneurship

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

• To eliminate competition

• To reduce costs at all costs

• To produce goods or provide services

• To create a monopoly

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

• Gym wear

• Internet access

• Insurance products

• Haircut

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

• Ignored the issue

• Offered refunds to all customers

• Sent apology letters and discounts

• Closed the website temporarily

What is one way Gymshark adds value to its products?

• By increasing production costs

• By using influencer marketing

• By offering limited customer service

• By reducing the quality

What is a unique selling point (USP) in business?

• A strategy to reduce production costs

• A method to increase employee satisfaction

• A feature that makes a product stand out from competitors

• A way to decrease product prices

Which of the following is NOT a way Gymshark adds value to its products?

• Design

• Branding

• Reducing quality

• Convenience

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

• To work fewer hours

• To make financial gains and have more freedom

• To have more financial security

• To avoid taking risks

What role does an entrepreneur play in organizing resources?

• They focus solely on marketing

• They bring together land, labor, and capital

• They avoid using any external resources

• They only manage financial resources

How did Ben Francis initially start Gymshark?

• By outsourcing production overseas

• By hiring a large team of employees

• By using his savings to buy equipment

• By purchasing a large factory

What is a significant risk associated with entrepreneurship?

• Complete job security

• Potential financial loss

• No need for personal investment

• Guaranteed financial success