What's covered
Key facts
Richard Branson founded the Virgin Group of companies.
Steve Jobs and Steve Wozniak founded Apple in 1976.
Potential financial loss if a business fails is called business risk.
A sign of a good business opportunity is customers willing to pay for the solution.
Starting a dog-walking service in a local area is an example of enterprise in everyday life.
Some prefer self-employment for greater independence and control over decisions.
One common entrepreneurial trait is willingness to take calculated risks.
Jeff Bezos built Amazon from an online bookstore.
A financial risk of starting a business is losing the savings invested in start-up.
A gap in the market is an unmet customer need with no current supplier.
Sample questions
A taste of the 60 questions in this topic — answers marked. Sign up to practise the full set with spaced repetition.
Which is a typical characteristic of a successful entrepreneur?
- •Aversion to making decisions of any kind
- •Belief that no new ideas can ever work
- •Refusal to listen to any customer feedback
- ✓Willingness to take calculated risks
Which UK entrepreneur fronted the early Dyson vacuum-cleaner brand?
- •Alan Sugar
- •Anita Roddick
- ✓James Dyson
- •Karren Brady
Which is a possible reward for taking business risks?
- •A guaranteed salary for ten years from HMRC
- •Free advertising on national television
- •Government refunds of all start-up costs
- ✓Higher profits if the business succeeds
Which is a sign of a good business opportunity?
- •Customers already buy from many rivals
- •Customers refusing to pay anything ever
- ✓Customers willing to pay for the solution
- •No customers exist for the product
Which is a key feature of enterprise?
- •Avoiding new ideas in case they fail
- •Copying ideas word-for-word from rivals
- •Refusing to take any risk at all
- ✓Spotting a need and taking action
Which is a non-financial reason people start a business?
- •To avoid all customer feedback forever
- ✓To be their own boss and choose their hours
- •To remove the need for any planning
- •To stop having to pay any tax in the UK
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