Business Studies Unit 1.1 0.0 / 5 ? Business StudiesPeople in businessStarting a businessGCSEEdexcel Created by: LalitKCreated on: 16-07-18 12:12 What is enterprise? Entrepreneurial activity 1 of 11 Why do new business ideas come about? Changes in society and consumer trend 2 of 11 How do entrepreneurs come up with new ideas? Adapting existing products or creating a completely original product 3 of 11 What are the main risks that an entrepreneur takes when starting a new business? Business failure, financial loss and lack of security 4 of 11 What is cash flow? The amount of money coming in and going out of a business 5 of 11 What is intuition? Knowing something instinctively 6 of 11 What are the main rewards for an entrepreneur? Business success, profit and independence 7 of 11 What are stakeholders? Anyone who has an interest in the activities of a business 8 of 11 What are the three main purposes that business activities have? To produce goods and services, to meet customer needs and to add value 9 of 11 How can a business add value to a product/service? Branding, convenience, quality or USPs 10 of 11 What three things do entrepreneurs usually have to do? Organise resources, make business decisions and take risks 11 of 11
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