1 business activity

Question 1

what are the characteristics of a entrepreneur

Answer 1

D-determination
R-risk taking
C-confidence
C-courage

Question 2

what are the three purposes of business enterprise and entrepreneur ship?

Answer 2

• spotting an opportunity
• developing an idea
• satisfying customer needs

Question 3

define spotting an opportunity

Answer 3

• spotting a gap in the market
• improving a product or service already provided
• producing a product or service more cheaply

Question 4

define developing an idea

Answer 4

• designing the product or service

- planning production

Question 5

define satisfying customer needs

Answer 5

• producing the product or providing the service

- marketing the product or service

Question 6

what are the 5 purposes of business planning

Answer 6

• the idea
• the people
• market research
• finance
• competitors