Being an entrepreneur
What quality is key to establishing a lucrative business?
Identifying a gap in the market
What should an entrepreneur consider before turning a business opportunity into reality?
Market research and competition
What are the two main categories of business entities?
Unincorporated and incorporated business entities
What is a significant advantage of starting a business from scratch?
Flexibility in setting up the business and matching objectives
What does ethics primarily deal with in the context of business
Morally right or wrong decisions
What does innovation refer to in entrepreneurship?
Creating new or improved products, services, or processes
Why is the choice of a suitable location crucial for retail businesses?
To minimize costs and maximize revenue
What does the term "incorporated" mean in the context of business structures?
The process of becoming a separate legal entity
What is a disadvantage of starting a business from scratch?
High risk and uncertainty
What is one of the main challenges small business owners may face concerning regulations?
Feeling overregulated, especially when multiple levels of government are involved
What do successful entrepreneurs do when they encounter failure?
Embrace failure, learn from it, and grow
What does market research involve?
Gathering and analysing information about customers and business opportunities
What is the main advantage of shareholders in a private company concerning liability?
Shareholders have limited liability
What is a potential disadvantage of purchasing an established business?
Difficulty in assessing the value of goodwill
What is the multifaceted role of small to medium enterprise (SME) owners?
To possess various skills, including marketing, personnel, finance, and operations
What is an important quality for an entrepreneur to have when dealing with stress and challenges?
Resilience
What does the term "competition" refer to in the business context?
Rival businesses trying to supply the needs and wants of a market
In a partnership, what does "unlimited liability" mean for the partners? A) Partners have no liability for the business's debts
Partners are personally responsible for the business's debts
What is an advantage of purchasing a franchise?
The franchisee often provides training
What does CSR stand for in the context of business?
Corporate Social Responsibility
What motivates some individuals to start businesses that address social, cultural, or environmental concerns?
Desire to make a positive impact
What is the definition of a target market?
The group of customers a business intends to sell its products to
What does a private company typically have in terms of the number of shareholders?
Between 2 and 50 private owners
What is essential to minimize the risk of business failure?
Thorough planning
What are some of the benefits of ethical decision-making and corporate social responsibility for businesses?
Lower staff turnover and improved business reputation