| Businesses exist to produce what? | Goods and services on a commercial basis |
| What exactly are Goods and Services? | Goods: Actual objects, They can be felt, touched and held, They are made and consumed
Services: Activities. Provided for you via other people or Businesses |
| What are Needs and Wants? | Needs: Goods and Services that we need to use in order to live. Some examples may be Food, Shelter and Water.
Wants: Goods and Services that we would like, but are not essential. Some examples are Holidays, Smartphones, Cricket Bats. |
| What does Enterprise mean? | -Another name for a Business
-The actions of someone who takes a risk by setting, investing and running a business |
| What is a Entrepreneur? | This is someone who takes a calculated risk through starting a business.
They:
-Take time and understanding to calculate the risks
-Invest, their own money, to start the business
-Goes ahead, knowing the risk that is could fail |
| What are some reasons to start a Business? | -Making Profit
-Investing money
-Work-Life balance
-Skills and Interests
-Being a Boss |
| What are some of the features that make a Good Entrepreneur? | -Determined
-Risk Taking
-Hard Working
-Organised
-Confident
-Leadership skills
-Creative |
