Risk and Reward 0.0 / 5 ? Business StudiesEnterprise and EntrepreneurshipGCSEEdexcel Created by: amber161202Created on: 14-04-19 15:47 Name an example of a risk in business: -business failure -loss of money -lack of secure income -lack of security 1 of 9 What causes business failure? -poor decision making -competition -not meeting customer wants/needs 2 of 9 Why can sole traders and partnerships (especially for start-ups) be extremely risky? -they have unlimited liability 3 of 9 Why can working for yourself be a risk? -don't have security of regular wages/ salary -may not be able to pay bills & go into debt 4 of 9 How can entrepreneurs plan for potential risks? -market research 5 of 9 Name 3 rewards for a business: -profit -business success -personal independence 6 of 9 Give an example of a financial and non-financial reward: -profit, -independence 7 of 9 How can you measure a businesses success? -measuring its sales -measure its market share -measure its profits made over time 8 of 9 Define "profit": -the difference between the rev earned by a business and the costs of the business 9 of 9
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