EMS Revision Grade 7 Term 3 | Baamboozle - Baamboozle

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Entrepreneurship revision

Study Slideshow

#Grade 7 #entrepreneurship #EMS

What is it called when you make a decision even though you know there is a risk involved?

Calculated risk

20

True or False: A characteristic of a successful entrepreneur is that they do not like to be in control and in charge.

False

10

Successful entrepreneurs are risk takers and have high levels of energy and commitment. True or False?

True

10

Name the four actions that an entrepreneur performs.

buy, sell, produce, make a profit

25

What is the difference between producing and selling?

Producing = making a product, Selling = convincing customers to buy your goods or services.

25

What is the formula to work out profit or loss?

Income - Expenses = Profit/Loss

15

Name 3 skills that a successful entrepreneur often has.

Any 3 of: planning, organising, managing money, problem-solving, generating ideas, conflict resolution, team-building skills, leadership skills, creative

25

Are opportunities and threats internal or external factors?

External factors

20

What does the "S" and "W" in SWOT analysis stand for?

Strengths and weaknesses

15

When it comes to selling goods and services, what do we want to maximise and what do we want to minimise?

Maximise income and minimise expenses

20

Why is it important for an entrepreneur to identify the needs and wants of consumers?

It is the first step in finding an idea for a product or service as we need to ensure that we have a market for our goods or services.

20

What are the three important factors to consider when setting up goals?

What is the goal and is it short, medium or long term, who is responsible for achieving the goal, by when does the goal need to be achieved

25

What are the four P's of marketing?

Product, price, place and promotion

20

What are the principles of advertising (AIDA)?

Attention, Interest, Desire, Action

25

What is a budget?

It is a plan of how much money you expect to receive and how you expect to spend the money.

20

Why is it important to budget?

You need to know when you have money available and when you do not.

20