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Business Edexcel topic 1.1 enterprise and entrepreneurship Flashcards | StudBud

Explore/Business Edexcel topic 1.1 enterprise and entrepreneurship

What do we mean when we say a business has to be dynamic?

What are the three key reasons change occurs?

Business Edexcel topic 1.1 enterprise and entrepreneurship

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Review of topic 1.1

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Questions 11

Answers

1
What are the three key reasons change occurs?
Goods and service becoming obsolete
Changing consumer tastes
Competitor products
New technology
2
What do we mean when we say a business has to be dynamic?
It has to move around a lot
It has to stay the same
It has to respond to customer needs
It has to respond to pressure from managers
3
What are the three key risks of starting a new business
Financial loss
Being your own boss
Risk of failure
Lack of security
4
What do we mean when we say a business has to be dynamic?
It has to stay the same
It has to respond to pressure from managers
It has to move around a lot
It has to respond to customer needs
5
What is the role of business enterprise?
To have a USP
To produce goods or services
To add value
To meet customer needs
6
what percentage of new businesses fail within a year?
40%
20%
30%
50%
7
What percentage of new businesses fail within five years?
90%
85%
95%
80%
8
What is a 'gap in the market'?
A part of the market that isn't served by existing products
A market that has only one trader
When the market stops for a while
A bad product
9
What is a USP?
The thing that makes your product unpopular
A brand new idea
The thing that makes your product usable
The thing that makes your product unique
10
What is added value?
Value of product plus the value of component parts
The value of the products component parts
The value of the product
Value of product minus the cost of the component parts
11
if a £100 pound stereo costs £40 to make, what is the added value?
£40
£140
£100
£60