What is capital used for while starting a new enterprise?
Capital fulfils the basic needs of a business. Exam tip: consider capital as a main resource.
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TOPIC PRACTICE
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Capital fulfils the basic needs of a business. Exam tip: consider capital as a main resource.
View question detailsFeedback gives the right direction for improvement. Exam tip: understand feedback as a tool for growth.
View question detailsTime management keeps work and service organised. Exam tip: consider time as a business resource.
View question detailsUnderstanding competition helps improve business strategy. Exam tip: consider competition part of market study.
View question detailsSocial responsibility considers society and ethics. Exam tip: link entrepreneurship also with social service.
View question detailsTeamwork makes bigger tasks easier and organised. Exam tip: link team cooperation with enterprise success.
View question detailsCost and customer capacity are important in pricing. Exam tip: link price with cost and market.
View question detailsResilience is the ability of an entrepreneur to learn from failure or setbacks, improve the approach, and try again instead of giving up. Avoidance of uncertainty is different; entrepreneurs usually need to deal with risk and uncertain situations. Exam tip: Link learning from failure, trying again, and adapting to setbacks with resilience.
View question detailsGoals give purpose and direction to the entrepreneur. Exam tip: consider goals as part of planning.
View question detailsAdopting new methods is a sign of innovativeness. Exam tip: remember new methods with entrepreneurship.
View question detailsSelf-employment and business can become income sources. Exam tip: link entrepreneurship with livelihood.
View question detailsA customer complaint may point to a weakness in the product, service, price, behaviour, or delivery. An entrepreneur should understand its cause and use it to improve, so it is an opportunity for improvement. Treating it as a personal insult is incorrect because constructive feedback can improve quality and customer satisfaction. Exam tip: In entrepreneurship, connect customer feedback with improvement and innovation.
View question detailsHard work enables an entrepreneur to attend consistently to production, customer needs, quality, and day-to-day operations. It therefore helps establish, run, and grow an enterprise. Hard work does not replace risk-taking or business planning; both are also important entrepreneurial requirements. Exam tip: link an entrepreneur’s hard work with the continuity and growth of the enterprise.
View question detailsA unique identity makes the product memorable for customers. Exam tip: link uniqueness with market success.
View question detailsAccountability makes an entrepreneur responsible. Exam tip: link accountability with responsible behaviour.
View question detailsNew needs and feedback give direction for improvement. Exam tip: remember continuous improvement.
View question detailsAn entrepreneur turns opportunity into work using resources. Exam tip: remember opportunity and resources together.
View question detailsGood relationships strengthen the business network. Exam tip: link relationships with customer trust.
View question detailsA new market demand may become a business opportunity for an entrepreneur. They should assess customer needs, available resources, feasibility, and potential profit before acting. Ignoring the demand immediately can mean losing a possible business opportunity. Exam tip: In entrepreneurship, connect market demand with opportunity identification.
View question detailsTraining increases the work ability of an entrepreneur. Exam tip: connect skill development with entrepreneurship.
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