Business Unit 1 Setting up a Business

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1. what qualities are entrepreneurs likely to have?

  • motivated, smart, skilled factory worker, that one guy no one knows the name of from NIrvana
  • nice hair, singer, works in school
  • able to take calculated risks, driven, motivated/ able to motivate
  • able to take this exam for me, willing to take this exam for me, oh god help
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2. a stakeholder is:

  • vampire killers
  • anyone with a stake in the business
  • someone that holds steaks
  • anyone that can cook steaks

3. Markets are dynamic. This means that they:

  • are always changing
  • stay the same
  • stay the same for a set period of time

4. a sole trader is:

  • a single person setting up their own business
  • yes
  • a bunch of friends setting up a business

5. what should be considered when locating a firm?

  • the price of air
  • location of : suppliers, customers, competition, communication
  • the price of music on iTunes
  • location of : Walt Disney's body, customers, roads
  • location of : animals (farms), suppliers, band member's houses

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