Entrepreneurship Motivation and Business Start-up

<p>To provide a quick way to test understanding and prepare for exams. (A)</p> Signup and view all the answers

<p>To define all terms set out in the Specification. (C)</p> Signup and view all the answers

<p>The pursuit of a sense of achievement and control. (C)</p> Signup and view all the answers

<p>Requesting author answers from the publisher's website (D)</p> Signup and view all the answers

<p>The author's family members. (C)</p> Signup and view all the answers

<p>By testing the business idea while still employed, often from home. (C)</p> Signup and view all the answers

<p>Lack of financial security (B)</p> Signup and view all the answers

<p>The rights to open a local branch of an already existing business. (A)</p> Signup and view all the answers

<p>They should be read alongside a classroom lesson to help with understanding. (B)</p> Signup and view all the answers

<p>The potential for wealth creation through entrepreneurship (D)</p> Signup and view all the answers

<p>A set of financial forecasts, aims, strategies, and funding requirements. (C)</p> Signup and view all the answers

<p>Potential for wealth creation (A)</p> Signup and view all the answers

<p>Financial loss (C)</p> Signup and view all the answers

<p>It enables them to implement their ideas in their own preferred way. (B)</p> Signup and view all the answers

<p>It provides a predictable income (C)</p> Signup and view all the answers

<p>A social enterprise aimed at providing clean water in Africa. (D)</p> Signup and view all the answers

<p>Entrepreneurship involves taking on risk since there is no promise of success, given some do not have the qualities. (C)</p> Signup and view all the answers

<p>It is a possibility but not guaranteed (D)</p> Signup and view all the answers

<p>They may dream of an early retirement and financial freedom. (D)</p> Signup and view all the answers

<p>Higher risk can potentially lead to higher reward (B)</p> Signup and view all the answers

<p>Starting a business can potentially offer both significant risk and reward (D)</p> Signup and view all the answers

<p>The reflective eyes of a cat, seen on a foggy night (B)</p> Signup and view all the answers

<p>They challenge the status quo and explore alternative possibilities. (D)</p> Signup and view all the answers

<p>It's an example of a minor change that could potentially become a commercial success. (B)</p> Signup and view all the answers

<p>They may not communicate their thoughts effectively or may not be listened to. (D)</p> Signup and view all the answers

<p>The support of a large corporation (C)</p> Signup and view all the answers

<p>Further towards 'dramatic innovations' (D)</p> Signup and view all the answers

<p>Percy Shaw was able to develop a working product of his idea and then successfully patent it. (A)</p> Signup and view all the answers

<p>A natural inclination to explore and learn (A)</p> Signup and view all the answers

<p>The suppliers and the workers (A)</p> Signup and view all the answers

<p>Breaking into a competitive market (B)</p> Signup and view all the answers

<p>Inability to reach monthly break-even point (C)</p> Signup and view all the answers

<p>A declining market and falling sales (C)</p> Signup and view all the answers

<p>They would incur personal financial losses (A)</p> Signup and view all the answers

<p>Inability to maintain a secure income (B)</p> Signup and view all the answers

<p>Management services to nightclub owners (A)</p> Signup and view all the answers

<p>2015 (C)</p> Signup and view all the answers

<p>Taking risks (B)</p> Signup and view all the answers

<p>Having their ideas challenged (A)</p> Signup and view all the answers

<p>Estimate their possible impact (C)</p> Signup and view all the answers

<p>£100 million (A)</p> Signup and view all the answers

<p>It leads them to develop contingency plans. (C)</p> Signup and view all the answers

<p>20 percent (D)</p> Signup and view all the answers

<p>To make their own decisions (C)</p> Signup and view all the answers

<p>They often dislike it. (A)</p> Signup and view all the answers

Reading the chapters helps understand the theory and real-life examples.

Finding specific topics using the index helps you focus on the content you need.

Practicing exam-style questions with real business examples helps prepare for the exam.

Testing yourself with multiple-choice questions helps evaluate your understanding.

The glossary provides a comprehensive list of key terms from the specification.

Includes mini-mock exams at the end of each chapter, allowing you to practice exam-style questions.

Real-life examples are incorporated throughout the chapters to enhance understanding.

Includes multiple-choice questions at the end of each section, enabling quick self-assessment.

A new product that introduces a small change to an existing product, like a new flavour or colour.

A product that is completely new and game-changing, like the iPhone or the Dyson vacuum cleaner.

Asking 'Why not?' to challenge existing ideas and imagine alternatives.

The ability to generate new ideas and solutions, often by looking at the world differently.

Sharing your ideas effectively with others to bring them to life.

A reflector on roads that uses a small, reflective sphere to improve visibility at night, invented by Percy Shaw.

The process of taking an idea and turning it into a tangible product, often requiring resources such as money and skills.

A new product or innovation can be categorized on a scale ranging from a minor change to a dramatic innovation.

The feeling of satisfaction from accomplishing something meaningful. This is a key motivating factor for entrepreneurs who are willing to take the risk of starting their own businesses.

The desire to be in charge and make decisions independently. Entrepreneurs value autonomy and controlling their own work environment.

Entrepreneurs often start with a trial period of small-scale operations, testing their business idea before committing significant resources.

A business plan is a document outlining the goals, strategies, financial projections, and funding needs of a new venture. A well-structured business plan can greatly increase the chances of securing investment and attracting partners.

A franchise is a business model where an individual purchases the rights to operate a local branch of an already established and successful business.

Social enterprises are businesses that aim to make a positive social impact along with generating profits. They often prioritize ethical practices and contribute to social causes.

Raising capital refers to obtaining funds to support the start-up or expansion of a business. This can involve seeking investments from individuals, venture capitalists, banks, or other sources.

The desire to make a large amount of money is a powerful motivator for entrepreneurs, often driving them to pursue profitable ventures.

The risk of losing money or other valuable assets when starting or running a business.

The potential for a business to make a profit and grow.

The most common risks for new businesses include competition, insufficient funding, and changes in market conditions.

Businesses need to be profitable to cover their expenses and generate a sustainable income.

Financial losses can occur if a business fails to achieve profitability.

When a business fails, suppliers who have provided goods or services may not be paid.

Workers employed by a failing business may lose their jobs and income.

The risk of losing money or other assets is higher for individuals with significant financial commitments.

A situation where the outcome is uncertain and might result in negative consequences, especially related to finances.

The possibility of achieving great financial success and wealth, often through entrepreneurial ventures.

The ability to take bold actions despite possible downsides, essential for achieving significant goals.

A payment received regularly for work done, providing a predictable income stream.

A business venture initiated by an individual or a small group with a high potential for growth and profit.

The process of selling a company or a portion of it to external investors.

A period of time when financial resources are scarce and uncertain, common in the early phases of a business.

The ability to sell a successful business for a significant amount of money, often achieved through stock market listings.

Excitement in starting and building a business comes from taking risks and learning new skills. This creates a sense of achievement and progress, motivating entrepreneurs.

The desire to be independent and make decisions without being controlled by others can drive people to start their own businesses.

Starting and running a business involves taking risks, as the outcome of decisions is uncertain.

Successful businesses analyze potential risks and assess their impact, creating plans to manage them.

The potential loss of revenue and market value if a football team is relegated from the Premiership.

The chance of relegation is calculated based on the number of relegation spots and the total number of teams.

Smart club chairmen create plans to mitigate the financial impact of potential relegation.

The need for a plan to address potential risks and mitigate their impact, ensuring business sustainability.