1.1

• What are the 3 questions you should ask yourself before starting a business?

  Why

  How

  who
• What does it mean when you say the dynamic nature of business?

  The idea is that the business is ever-changing and that you must adapt to the market.
• What does venture capital mean?

  Venture capital is provided by an individual who likes taking risks in return for shares and later profit.
• Why do new business ideas come about?

  changes in consumer want

  products and services becoming obsolete

  Changes in technology
• qualities of an entrepreneur are?

  Creativity, risk-taking, determination, leadership, and adaptability.
• What is a dynamic business?

  a business that adapts and changes as per its surroundings and needs.
• What is e commerce?

  Transaction that takes place online
• What is M-commerce?

  transactions using phone or tablet
• What is social media?

  A way that businesses can build personal relation ships with their consumers
• what does it mean when products get obselte?

  When products become obsolete, it means they are no longer useful or relevant due to advancements in technology or changes in consumer preferences.
• The three main risks of a business?

  business failure: when the business is unable to make a successful trade and then its consumers go to its competitors.

  Financial loss: When the business fails and the entrepreneur has put their life savings they lose everything.

  Lack of security : A steady income stops
• What the risks of a new business are?

  IP

  Cyber security

  economic problem

  poor reputation

  employment laws

  change in trends

  cashflow problems

  natural disasters

  failure for the future

  staff and training safety

  equipment breakdown

  staff reliability

  commercial risk
• What is a reward ?

  It is the profit and benefit that one gets after sucsessfully opening a business
• The 3 main types of rewards are?

  Business sucsess: You business is making a profit and you are earing and learning

  Profit: You are making more then you are investing

  Independence: You get to be your own boss
• some more rewards?

  Freedom to take holidays

  Great sense of satisfaction

  Flexibility

  Work from home

  Learning

  work life balance
• Role of an enterprise?

  Produce goods and services

  Meet customer needs

  Add value
• 4 factors of production are?

  Land

  labor

  capital

  enterprise
• Adding value?

  Branding

  USP

  design

  Quality

  Convenience
• What is the first section of the Edexcel GCSE Business syllabus?

  Enterprise & Entrepreneurship
• What are the main reasons new business ideas come about?

  • Changes in technology
  • Changes in consumer demand
  • Obsolescence of products and services
• How do successful businesses identify opportunities?

  By recognizing changes in the market
• What can advances in technology create for businesses?

  New opportunities for innovative products
• What is an example of a technology that created new business opportunities?

  Smartphones and social media platforms
• How does consumer demand change over time?

  It creates opportunities for new products
• What has led to the emergence of new businesses in the food industry?

  The growing demand for plant-based foods
• What happens to products and services due to changes in technology?

  They can become obsolete
• What is an example of a product that became obsolete?

  Physical media like CDs and DVDs
• How can new business ideas emerge?

  Through original ideas or adaptations
• What is the key to business success?

  Identifying a need or opportunity
• What are original ideas in business?

  New concepts not based on existing products
• What is an example of an original business idea?

  Nutrigene's personalized vitamin supplements
• What does adapting existing products involve?

  Improving them for different markets
• What is an example of a business that adapted an existing concept?

  Uber's ride-sharing app
• What are the risks associated with business activity?

  • Business failure
  • Financial loss
  • Lack of security
• What is business failure?

  Inability to meet financial obligations
• What can result from business failure?

  Job losses and financial ruin
• What causes financial loss in businesses?

  Poor management and economic downturns
• What can a lack of security lead to for a business?

  Reputational damage and legal liability
• How can entrepreneurs reduce risks in business?

  • Careful cash flow management
  • Conducting thorough market research
  • Setting clear aims and objectives
• What are the rewards of business activity?

  • Business success
  • Profit
  • Independence