Which term describes the ability to come up with original ideas for products, branding and marketing?
Creativity
What is meant by 'innovation'?
Finding new ways of doing things and putting new ideas into practice
Which characteristic is shown by an entrepreneur who accepts that some decisions will not succeed?
Risk-taking
What is meant by 'communication'?
Sharing information clearly with colleagues and customers
What is the name for discussing different ideas with suppliers, customers or banks in order to reach an agreement?
Negotiation
What is meant by 'determination'?
Continuing with a business idea despite problems and rejections
What is meant by 'confidence'?
Believing in what you do and being open to changing your mind
An entrepreneur discusses prices and delivery dates with a supplier until they agree a deal. Which characteristic is she using?
Negotiation
Why is creativity useful to a sole trader who runs every part of her business?
It helps her to create new ideas for products and branding
A shop owner finds a completely new way to take customer orders that is faster than any rival shop. Which characteristic does this show?
Innovation
Why does an entrepreneur need good communication skills?
So that customers understand what the business is offering
An entrepreneur changes her mind about a product when her staff suggest a better idea. Which characteristic does this show?
Confidence
Sam's new market stall makes a loss for the first three months, but he refuses to give up and keeps trading. Which characteristic does he show?
Determination
Why do entrepreneurs need confidence?
They need to be willing to do things differently
Why can taking a calculated risk help an entrepreneur to succeed?
Doing things differently can help the business stand out from rivals
Which of these is an example of an entrepreneur taking a risk?
Spending her savings on a new product that may not sell
Why can being a good negotiator help an entrepreneur to be successful?
She can agree better prices and terms with suppliers
Why can being innovative help an entrepreneur to succeed?
It can give the business new products and a new USP
Why does determination help an entrepreneur to be successful?
It helps them to keep solving the problems the business faces
A manager's instructions to her staff are unclear, so the staff make mistakes that cost the business money. Which characteristic does she need to improve?
Communication
What is meant by a calculated risk?
A risk taken after carefully assessing the advantages and disadvantages
Which of these is a non-financial reward of taking a business risk?
Independence
Why do many entrepreneurs see independence as a reward of running their own business?
They can decide their own working hours and tasks
Why can self-satisfaction be an important reward for an entrepreneur?
They gain a sense of achievement from their business
Which of these is an example of an entrepreneur gaining the reward of making a difference?
Setting up a business that improves animal welfare
Which of these shows an entrepreneur gaining a financial reward from taking a business risk?
The business earns enough profit to pay the owner a regular income
Marco put his life savings into his shop. It closed after a year and he is now in debt. Which drawback of risk taking does this describe?
Financial difficulty
What is meant by work-life balance?
The division of time spent at work compared with time spent at leisure
Why can running a new business damage an entrepreneur's personal relationships?
Long hours and stress can lead to mood swings and arguments at home
Sam worries constantly about whether his new business will survive. He has headaches and cannot sleep. Which drawback is he experiencing?
Poor health and wellbeing
Amir runs his own plumbing business. He does paperwork and answers calls most evenings and weekends and has had no holiday since he started. Which drawback of risk taking is this?
Difficult work-life balance
Nia runs a small business making celebration cakes. Which of these is an example of her gaining self-satisfaction?
A customer says her cake made their wedding day special
Why might an entrepreneur go ahead with a business idea even though it is risky?
The possible rewards are worth more than the possible drawbacks
Leo left a secure job to run his own business and now earns less than he did before. He says he would never go back to his old job. What does this show?
Non-financial rewards can matter to him more than money
Which term describes the reward of being in charge of your own business and deciding what work you do and when you do it?
Independence
What is meant by self-satisfaction as a reward for risk taking?
Pride and achievement from building an enterprise you care about
What is the name for the reward of creating a measurable change for the better, such as improving sustainability or supporting a charity?
Making a difference
What is meant by financial difficulty as a drawback of taking a risk?
Risking your own savings or taking on debt that you may not be able to repay
Which term describes the stress and worry from running a business that can cause heart problems, digestive issues, depression and insomnia?
Poor health and wellbeing
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