What do you understand by the term "entrepreneur"?
Entrepreneur means someone who takes risks of starting a new business. They can take risks by opening a business based on a new idea, or by extracting ideas from existing businesses and make it their own. Entrepreneurs have to accept the risk of failing, add value to products, and assess opportunity cost.
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Enterprise
- Explain the difference between a charity and a social enterprise.
- Explain what is meant by the term "triple bottom line".
- What is meant by the term 'social enterprise'?
- Explain the concept of opportunity cost and give 3 examples of it.
- Using an example of a small business/recently established new business, explain how its owners overcame the three challenges - New businesses, Economic growth and Innovation.
- List 3 benefits of entrepreneurship to the economy of your country and explain why they are important.
- Explain why there are so many new business enterprises in the tertiary sector of industry, such as hairdressing and car servicing.
- Explain how a supermarket could add value to the food and other stock it buys in.
- A new business selling computer software has just opened in your town. Explain 3 needs that this business will have if it is to be successful.