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Two characteristics of an entrepreneur:

Ability to be comfortable with risk taking
Leadership skills such as motivation and communication

Likely relationship between risk and reward:

An entrepreneur will take risk with an unknown outcome of whether the money invested will
become successful and reward is the success gained from the…

Page 2

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The business si successful means that more funs are available to spendmore money on the
business. This would therefore mean that owners will benefit as they would have benefits
from enhanced reward for their services
Employees will benefit as they want pay rises and job security. If the zoo is…

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Factors influencing success of a business

HRM- training for staff to make them work at best of potential. Also hiring rightly skilled staff
that are likely to change the business in a good way and help the business achieve the ebst
of its abilities
Good relationship with supplier
Ability to…

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Characteristics of a monopoly

Single firm/ own 25 percent or more of market share
Price setter
Possibility of high profits

Characteristics of oligopoly:

market dominated by a few large firms
Keep prices stable and higher than they would if in a competitive market.

Methods of market research

Customer surveys
Questionnaires/interviews…

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