Podcast
Questions and Answers
What is a primary characteristic of an entrepreneur?
What is a primary characteristic of an entrepreneur?
- They avoid market research.
- They rely solely on others to set up their business.
- They prefer to work in large corporations.
- They take risks in hopes of rewards. (correct)
Which step is NOT part of the simplified process of setting up a business?
Which step is NOT part of the simplified process of setting up a business?
- Start with a large inventory right away. (correct)
- Grow the business gradually.
- Conduct market research to understand consumer needs.
- Draw up a business plan.
How can entrepreneurs benefit from online sales platforms?
How can entrepreneurs benefit from online sales platforms?
- They guarantee instant success without effort.
- They allow selling through third parties without creating a website. (correct)
- They only support brick-and-mortar setups.
- They eliminate the need for any business planning.
When using eBay's auction feature, what determines the winning bid?
When using eBay's auction feature, what determines the winning bid?
What is a unique aspect of selling on the ASOS marketplace?
What is a unique aspect of selling on the ASOS marketplace?
Flashcards
Entrepreneur
Entrepreneur
A person who starts and runs a business, taking risks for potential rewards.
Business Plan
Business Plan
A document outlining a business's goals, strategies, and operations.
Market Research
Market Research
Investigating customer needs and preferences to determine what products or services are in demand.
Online Business
Online Business
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Sales Platform
Sales Platform
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Study Notes
Creating and Setting Up a Business
- Starting a business involves entrepreneurs taking risks to potentially gain rewards.
- Entrepreneurship is a situation where people are prepared to take risks in hope of a reward.
- People start businesses for various reasons.
- Video examples illustrate motivations behind starting businesses.
Setting Up a Business
- A small business needs a good idea and entrepreneurial drive to succeed.
- Simplified steps for setting up a business include:
- Market research to understand customer needs.
- Starting small (e.g., at a market stall).
- Developing a business plan.
- Growing the business.
- Videos show examples of how entrepreneurs approach starting a business.
Setting Up an Online-Only Business
- Businesses can be entirely online and successful.
- Examples include platforms like Amazon, eBay, and Etsy, which allow entrepreneurs to sell goods without a physical storefront.
- Sites like Alibaba provide material suppliers, enabling a fully online business process.
Setting Up a Business with Etsy
- Creative entrepreneurs can use Etsy to sell goods globally and locally.
- Etsy connects thoughtful consumers with makers, fostering relationships between seller and customer.
- The platform creates opportunities to build a business.
Setting a Business Online with eBay
- eBay allows sellers to list items (from antiques to cars).
- Sellers can choose auction-type listings or a Buy It Now option.
- Online auctions allow bids for items until the listing period ends, when the highest bidder wins.
- Alternative platforms to eBay are desired to improve options for sales.
Setting Up a Business with ASOS Marketplace
- ASOS marketplace allows 750 boutiques (including vintage and independent fashion).
- Videos explore why selling on the ASOS platform may be an ideal business for students.
- Website details (about setting up a boutique) are provided for investigation.
Starting a Business as a Sole Trader
- Registering as a sole trader (or online entrepreneur) requires self-employment tax registration.
- For B2B businesses, clients might require proof of registration (Unique Taxpayer Reference -UTR).
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