Business Studies UNIT 1, Chapter 1

Business Studies 

UNIT 1

Chapter: 1

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Give the definition of a business.
A business is an activity that requires the organization of resources to achieve a reward, whilst running a risk.
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Give the definition of an entrepreneur.
An entrepreneur is an individual with an idea for a business.
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Give three reasons why someone would want to start a business.
Could be the following: To be their own boss. To make the most of a business opportunity. To have a big business one day. To escape an uninteresting job. To pursue an interest or hobby. To work from home.
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Give the definition of a social enterprise.
A social enterprise is an activity that achieves a reward to society. An example of a social enterprise is Clean Slate which is a neighborhood beautification business.
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What is meant by 'a gap in the market'?
A gap in the market is a business opportunity that is either a completely new idea or adds something different (like a new feature) to an existing product or service.
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Give a method that could help a business identify a gap in the market.
Could be the following: Market mapping (this could be done by constructing a diagram that plots all the characteristics of a current product/service.) or market observation.
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Card 2

Front

Give the definition of an entrepreneur.

Back

An entrepreneur is an individual with an idea for a business.

Card 3

Front

Give three reasons why someone would want to start a business.

Back

Preview of the front of card 3

Card 4

Front

Give the definition of a social enterprise.

Back

Preview of the front of card 4

Card 5

Front

What is meant by 'a gap in the market'?

Back

Preview of the front of card 5
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