Podcast
Questions and Answers
What is a characteristic of entrepreneurs that enables them to take bold decisions?
What is a characteristic of entrepreneurs that enables them to take bold decisions?
What is the primary purpose of social enterprises?
What is the primary purpose of social enterprises?
Why do some entrepreneurs start their own business?
Why do some entrepreneurs start their own business?
What is an example of an ethical motive for starting a business?
What is an example of an ethical motive for starting a business?
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What is a skill that entrepreneurs need to possess?
What is a skill that entrepreneurs need to possess?
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What is a common characteristic that distinguishes entrepreneurs from others?
What is a common characteristic that distinguishes entrepreneurs from others?
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What is an example of a want?
What is an example of a want?
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Which of the following is an example of a micro business?
Which of the following is an example of a micro business?
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What is the main motive of an entrepreneur who aims to make just enough profit to keep the business moving?
What is the main motive of an entrepreneur who aims to make just enough profit to keep the business moving?
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What is one of the roles of an entrepreneur?
What is one of the roles of an entrepreneur?
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Study Notes
Micro Businesses
- Examples of micro businesses include lawn and landscaping companies, street vendors, carpenters, plumbers, independent mechanics, machine shop operators, shoemakers, small farmers, and local coffee shops.
Small to Medium-Sized Enterprises (SMEs)
- Examples of SMEs include construction companies, retailers, wholesalers, manufacturers, dental practices, hair and beauty salons, bars and restaurants, gyms, and medical centers.
Needs and Wants
- Needs are essential goods and services required for survival, such as food, water, shelter, and warmth.
- Wants are goods and services that are desired but not essential for survival, such as holidays, smartphones, entertainment, and luxuries.
Entrepreneurs
- An entrepreneur is someone who takes a calculated risk to start a business.
- Roles of entrepreneurs include:
- Taking the initiative to exploit a business opportunity
- Conducting market research to spot gaps in the market
- Calculating and taking risks
- Making an investment to set up the business
- Going ahead with the business venture despite potential risks
Motives of Entrepreneurs
- Financial motives:
- Profit maximization: aiming to make the highest possible profit
- Profit satisficing: aiming to make a reasonable profit while achieving other goals
- Non-financial motives:
- Independence: working for oneself and having control over one's work
- Flexibility: gaining a better work-life balance
- Ethical reasons: trading in an environmentally or socially responsible way
- Social purpose: running a business with a social or environmental mission
- Personal challenge: seeking excitement and challenge in one's work
Entrepreneurial Characteristics
- Creativity
- Hard work
- Resilience
- Initiative
- Self-confidence
- Risk-taking
Entrepreneurial Skills
- Communication
- Team working
- Problem solving
- Organization
- Numeracy
- IT
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Description
This quiz covers different types of businesses, including micro businesses and small to medium-sized enterprises, and understanding the difference between needs and wants.
