Entrepreneurs
What does entrepreneur mean?
Someone who takes a financial risk in order to make a profit
What is market research?
The action of gathering information to develop your business
What is an enterprise?
A business, company or project
What does promotion mean?
An activity that encourages a cause or aim.
What does finance mean?
Managing large amounts of money.
Give an example of an entrepreneur
Many examples - Ailish gets the final say!
Which two areas do business conduct market research in?
Customers and competition
What is the difference between 'goods' and 'services'?
Goods are objects that are sold physically e.g. clothes or food
A service is offered to anyone who needs them e.g. cleaning or hairdressing
There are five types of promotion. Can you name one?
Direct marketing
Public relations
Personal selling
Sales promotions
Advertising
What is an asset?
Something of value that belongs to a company e.g. cash or equipment
What is a skill? Double your money if you can think of an example of a skill than an entrepreneur may have.
An ability that a person has.
Examples include: communication, teamwork, problem solving
What is the difference between qualitative data and quantitative data?
Qualitative data is focused on words and language - it provides more detailed, individualised data
Quantitative data is focused on numbers and statistics - it provides a more general picture
What does SME stand for?
Small to Medium Enterprise
An enterprise made up of up to 250 people.
Can you think of an example of a promotion you have seen recently?
Over to you... Ailish gets the final say!
What does cash flow mean?
The amount of money that goes in and out of a business
What is a characteristic? Double your money if you can give an example of a characteristic that an entrepreneur may have.
A feature or a quality that a person has.
Examples include: Honesty, dedication, integrity
Give an example of a type of market research
Focus group, survey, interview, poll
What three types of business ownership are there?
Sole trader, partnerships, LTD (Limited company)
There are two aims of promotion. Can you name one?
To provide information to potential customers
To persuade people to make a purchase
What does it mean to break even?
To neither make a profit or a loss.
What is networking and why is it important to entrepreneurs?
The process of intentionally meeting others to exchange information or share contacts.
What information may a business want to find out using market research?
Lots of answers - Ailish gets the final say!
An enterprise will have one or more aims. There are six in total. Can you name one?
Making a profit
Surviving
Expanding
Maximising sales
Being environmentally friendly and ethical
Providing a voluntary or charitable service
What does 'promotional mix' mean?
The different types of promotional materials that a company uses.
Why do companies need financial records? There is more than one reason.
To be prepared for unforeseen costs
To plan for the future
To ensure transparency