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What are some drawbacks of risk-taking as an entrepreneur?
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Potential financial loss, health issues like stress, and strained relationships due to long working hours.
What is a key motivator for entrepreneurs seeking independence?
The ability to run their own business without reporting to a manager.
In business, how does creativity manifest if not through artistic talent?
Through innovative solutions to problems and development of new products or services.
Explain why businesses exist.
To provide goods and services, satisfy customer needs, make a profit, and produce rival products/services.
How can entrepreneurs impact customer habits?
By introducing innovative products or services that change how customers behave or consume.
How do entrepreneurs typically develop a business idea?
By identifying opportunities for products/services and responding to market needs, such as improving a smartphone's battery life.
Why might an entrepreneur experience self-satisfaction?
From successfully owning and managing their business.
What is a key reward of risk-taking for entrepreneurs?
Financial gain, independence, self-satisfaction, and changing customer habits.
Describe a scenario where an entrepreneur takes a risk.
Investing in a new product line without knowing if it will succeed in the market.
Define 'enterprise' in the context of business.
Enterprise involves identifying opportunities and providing products/services customers will buy.
How can business competition be related to entrepreneurship?
Entrepreneurs produce rival products/services to compete with existing businesses.
Identify one possible health concern for entrepreneurs.
Stress or health issues due to long working hours.
Difference between goods and services provided by businesses?
Goods are tangible products, while services are intangible offerings.
Why is determination an important characteristic for an entrepreneur?
It helps them overcome barriers and problems in business progression.
What are the three primary characteristics of entrepreneurs?
Determination, creativity, and willingness to take risks.
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