1.1

• Define service?

  Act that a business person carries out for you in exchange for money.
• Define product?

  Anything that is capable of satisfying customer needs.
• What is enterprise?

  Process of identifying new business opportunities and taking advantage of them.
• Characteristics of being an entrepreneur?

  • risk-taker
  • decisive
  • organised
• Why do new business ideas come about?

  • changes in technology
  • changes in customers wants/ needs
  • products/ services becoming obsolete
  • changes in economy
• How do new business ideas come about?

  • original ideas
  • adapting existing ideas
• Five ways to add value to a product?

  • convenience
  • branding
  • quality
  • design
  • USP
• Risks of starting a business?

  • going into a highly saturated market
  • unlimited liability
  • lose disposable income
  • cant break even
• Rewards of starting a business?

  • own boss
  • personal fulfilment
  • delegation
  • flexible hours
• Why do entrepreneurs start their own business?

  • independence
  • own boss
  • more disposable income
  • personal fulfilment
  • flexible hours