What's covered
Key facts
Characteristics of an entrepreneur
Richard Branson founded the Virgin Group of companies.
Famous entrepreneurs and their stories
Steve Jobs and Steve Wozniak founded Apple in 1976.
Risk and reward in business
Potential financial loss if a business fails is called business risk.
Spotting a business opportunity
A sign of a good business opportunity is customers willing to pay for the solution.
What enterprise means
Starting a dog-walking service in a local area is an example of enterprise in everyday life.
Why people start businesses
The Global Entrepreneurship Monitor asks new entrepreneurs about four motives: to make a difference in the world, to build great wealth or a very high income, to continue a family tradition, and to earn a living because jobs are scarce. Across the UK, continuing a family tradition is far less often cited than the other three.
Characteristics of an entrepreneur
A typical entrepreneurial characteristic is willingness to take calculated risks.
Famous entrepreneurs and their stories
Jeff Bezos built Amazon from an online bookstore.
Risk and reward in business
A possible reward for taking business risks is higher profits if the business succeeds.
Spotting a business opportunity
A gap in the market is an unmet customer need with no current supplier.
Sample questions
A taste of the 52 questions in this topic, answers marked. Sign up to practise the full set with spaced repetition.
Which is a typical characteristic of a successful entrepreneur?
- •Avoiding every possible risk
- •Copying a rival's exact product
- •Waiting for others to decide
- ✓Willingness to take calculated risks
Which UK entrepreneur fronted the early Dyson vacuum-cleaner brand?
- •Alan Sugar
- •Anita Roddick
- ✓James Dyson
- •Karren Brady
Which is a possible reward for taking business risks?
- •A fixed monthly salary from day one
- •Guaranteed customers for the first year
- ✓Higher profits if the business succeeds
- •Protection from all business losses
Which is a sign of a good business opportunity?
- ✓Customers willing to pay for the solution
- •Friends say they like the idea
- •The owner likes the product
- •The product is cheap to make
Which is a key feature of enterprise?
- •Following instructions exactly
- •Saving money in a bank account
- ✓Spotting a need and taking action
- •Working for a large company
Which is a non-financial reason people start a business?
- ✓To be their own boss and choose their hours
- •To earn more money than in a job
- •To pay less income tax each year
- •To receive a bigger pension later
Try it for four weeks. Free.
One school. Unlimited classes. No card limit. No teacher limit. If your students aren't practising daily by the end of the trial, you owe us nothing.