DEFINITIONS
What is entrepreneurship?
The process of starting and running a business to make a profit.
Give ONE reason why people start a business.
To make money / create wealth.
What is the first step in starting a business?
Market research.
What does an entrepreneur do when planning?
Sets goals and decides how the business will operate.
Name ONE characteristic of an entrepreneur.
Goal-oriented / motivated / organised.
Who is an entrepreneur?
A person who starts and manages a business.
What does financial independence mean?
Being able to earn and control your own income.
What is a needs analysis?
Identifying resources needed to start a business.
What is organising resources?
Managing workers, materials, and equipment.
What does being resourceful mean?
Being able to solve problems.
What is a business plan?
A written blueprint showing how a business will operate.
What is self-actualisation?
Personal satisfaction from achieving goals.
Why is a business plan important?
It guides the business and helps get funding.
What is monitoring?
Supervising workers and checking performance.
Why is being flexible important?
It helps adapt to changes.
What is risk in business?
The chance of loss or failure.
How does a business create employment?
By providing jobs for people.
Give TWO things needed before starting a business legally.
Licences and permits.
What does evaluating mean?
Checking if the business is successful.
What does being motivated mean?
Having the drive to succeed.
What is market research?
The process of gathering information about customers’ needs.
Explain how businesses contribute to economic growth.
They create jobs, pay taxes, and provide goods/services.
Why is location important in business?
It affects customer access and sales.
Why must entrepreneurs take risks?
Because success is not guaranteed.
Explain why organisation is important.
It helps manage time and resources effectively.