The role of entrepreneurship (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does an entrepreneur do?
What does an entrepreneur do?
Operates & manages their own company
What is the first stage of the entrepreneurial process?
What is the first stage of the entrepreneurial process?
Idea generation
What does Stage 3 (resource organisation) involve gathering?
What does Stage 3 (resource organisation) involve gathering?
Finance, equipment & premises
What % of new businesses cease trading within their first 4 years?
What % of new businesses cease trading within their first 4 years?
40%
What type of risks do successful entrepreneurs take?
What type of risks do successful entrepreneurs take?
Calculated risks
What must entrepreneurs do regarding opportunities?
What must entrepreneurs do regarding opportunities?
Proactively identify opportunities
What does invention involve?
What does invention involve?
R&D creating entirely new products
What does innovation do?
What does innovation do?
Transforms inventions into marketable goods
How does job creation by entrepreneurs help the economy?
How does job creation by entrepreneurs help the economy?
Reduces unemployment rates
Which taxes do successful businesses & their employees pay?
Which taxes do successful businesses & their employees pay?
Corporation tax, income tax & NI
How do export opportunities benefit the UK economy?
How do export opportunities benefit the UK economy?
Bring foreign currency into UK economy
What is the final goal of the entrepreneurial process (Stage 6)?
What is the final goal of the entrepreneurial process (Stage 6)?
Creating a sustainable & profitable co.