Learn Unit 1, Section 1.1 Starting a business

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1. State three sources of business idea
1. A brand new product 2. Improving an existing product 3. Spotting a growing market.
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2. What does it mean by gap in the market?
A product or service not currently being sold.
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3. What does it mean by niche market?
A small market. For example collectable trains or designer clothes.
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4. State three reasons why an entrepreneur would start their own business?
•They want to be their own boss. •They want to keep all the profit. •They have spotted a gap in the market and believe the business would be a success.
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5. What is meant by a franchise?
When someone buys the rights to use a companies name and logo.
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6. State three advantages of setting up a franchise instead of your own business
1. The business has already proven to have worked 2. Customers already know the brand so are more likely to go there 3. If you're new to business you'll get training.
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7. What is meant by a social enterprise?
A business which is set up to help the community and not just make a profit. An example is Jamie Oliver's restaurant 15.
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Card 2

Front

2. What does it mean by gap in the market?

Back

A product or service not currently being sold.

Card 3

Front

3. What does it mean by niche market?

Back

Preview of the front of card 3

Card 4

Front

4. State three reasons why an entrepreneur would start their own business?

Back

Preview of the front of card 4

Card 5

Front

5. What is meant by a franchise?

Back

Preview of the front of card 5
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