EMS Revision Grade 7 Term 3 | Baamboozle - Baamboozle

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

Calculated risk

Give one example of a fixed cost.

answers will vary

What is starting capital?

The money needed to start the business.

What is a budget?

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

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

Strengths and weaknesses

Where did you get your starting capital from for your Entrepreneurs' day?

answers will vary

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

Give one example of a variable cost.

answers will vary

What are the four P's of marketing?

Product, price, place and promotion

Why is it important to budget?

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

Are opportunities and threats internal or external factors?

External factors

If you could redo your Entrepreneurs' day, what would you change? Why?

answers will vary

What is this? - A cost that does not change no matter how many items are made.

Fixed cost

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.

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

What is the formula to work out profit or loss?

Income - Expenses = Profit/Loss

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

What is this? - A cost that increases or decreases depending on how many items are made.

Variable cost

What are the principles of advertising (AIDA)?

Attention, Interest, Desire, Action

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

False

Did you enjoy your entrepreneurs' day? Why/Why not?

answers will vary

What is the difference between producing and selling?

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

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

True

Name the four actions that an entrepreneur performs.

buy, sell, produce, make a profit