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Term 2 Establishment
Entrepreneur, Location, Decision Making, Feasibility Study
| Question | Answer |
|---|---|
| Who is an entrepreneur? | Someone who takes risks to start a business |
| What are the functions of an entrepreneur? | Clowns, Paint. All ,Fences, Orange, Or, Even ,Purple C – Conceptualizing P – Planning A – Accessing Funds F – Funds O – Organizing O – Operating E – Evaluating Performance |
| What are the characteristics of an entrepreneur? | Innovative Creative Risk Taker Resourceful Persistent Flexible Optimistic |
| What are the steps in establishing a business? | "Clever Rabbits Investigate Cool Adventures Outside." Conceptualization Research Identification of resources Creation of a business plan Acquisition of funds Operation of a business |
| What is Business Plan? | Outlines the purpose and nature of a business |
| What are the elements of a business plan? | "Every Owl Brings Many Feathers." 1. Executive Summary 2. Operational Plan 3. The business Opportunity 4. Marketing Plan 5. Financial Forecast |
| What is an Executive Summary? | An overview of the business |
| What is the Operational Plan? | Details of the business, including the structure, aim, objectives and operational details |
| What is the Business Opportunity? | A description of the product or service |
| What is the Marketing Plan? | A description of the customers, target audience and its competitors and the size of the market |
| What is the Financial Forecast | The details of the sources of finance, sales, cash flow, profit and loss forecast |
| What is a primary source of information? | A primary source of information is original, first-hand evidence created at the time of an event. It includes interviews, diaries, speeches, official records, photos, or research data, offering direct insight without interpretation or analysis by others. |
| What is a secondary source of information? | A secondary source of information interprets, analyzes, or summarizes primary sources. It includes textbooks, articles, reviews, documentaries, and encyclopedias, providing a second-hand account or explanation based on original materials. |
| What is a feasibility study? | A piece of research to find out whether or not a business will work out. It aims to identify the strengths and weaknesses of a proposal to see if you should go ahead. |
| What are the reasons to carry out a feasibility study? | To ascertain viability To identify possible cost To identify possible sources of finance To determine the revenue potential of the business |
| Why would you want to ascertain viability? | You should figure out if you are viable to establish a business at the current time. 1. Are experienced enough 2. Is the economy or the market in bad state right now? 3. Do you have the sufficient funds to make it work? |
| Why would you want to identify the possible cost? | You should know how much everything will cost or else the business will fail. -cost of materials -cost to pay employees -cost of equipment -cost of power -cost of transportation -cost of marketing |
| Why would you want to identify possible sources of finance? | You should clearly explain how much finance will be available, when it will be available and when repayments can be made. This will help financers to provide finance. |
| What are the factors that affect location? | Geography Availability of raw materials Heath Facilities Transportation Telecommunication Supply of labour Infastructure |
| How does telecommunications affect location? | Businesses need a communication system to communicate with the outside world. They'll need communication lines that are clear reliable. |
| How does availability of raw materials (Transportation) affect location? | Some businesses use a lot of heavy and bulky supplies that they need long transportation. If the business is close to the source of raw materials it may eliminate the cost of transport. |
| How do having health care facilities near a business affect location? | The closer the business is to a health care facility the faster it takes to transport customers or employees to medical attention in the case of an emergency. |
| What are 4 reasons to start a business? | To be your own boss For self assertation To solve a problem To obtain an independent source of income |
| What are 4 reasons to start a business? | To be your own boss For self assertation To solve a problem To obtain an independent source of income |
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