Question 1: Define the term 'enterprise' in your own words.

Answer: Enterprise is the ability to organize and manage a business, taking risks to make a profit, often involving innovation or new ideas.

Question 2: Give two examples of different types of businesses that an entrepreneur might start.

Answer: Examples include a local bakery and a technology start-up.

Question 3: Describe one characteristic that a successful entrepreneur should have.

Answer: A successful entrepreneur should be resilient, meaning they can recover quickly from setbacks.

Question 4: Explain why taking risks is an important part of enterprise.

Answer: Taking risks is important because it allows entrepreneurs to pursue new ideas and opportunities, which can lead to business growth and success. Without risk, there is little chance of innovation.

Question 5: Imagine you want to start a business selling handmade jewelry. List three resources you would need to begin.

Answer: Materials (such as beads and wires), tools (like pliers and a workbench), and a selling platform (such as an online marketplace or a stall).

Question 6: Draw a simple diagram showing the key steps an entrepreneur might take when starting a new business. Include at least three steps in your diagram.

Answer: A correct sketch would include steps such as: 1. Generating an idea, 2. Planning and researching, 3. Launching the business.

Question 7: Explain the difference between a 'product' and a 'service' with examples.

Answer: A product is a tangible item, like a book or a toy. A service is an action or activity provided by someone, like a haircut or a car repair.

Question 8: Why might an entrepreneur decide to start their business as a small local shop instead of a large supermarket?

Answer: Starting small allows the entrepreneur to test their idea with lower costs and risks, and it can help them build a loyal customer base before expanding.

Question 9: Sketch a simple logo for a new eco-friendly clothing brand. Use symbols or text to represent the brand’s values.

Answer: A correct sketch would include elements like a leaf or earth symbol, and the brand name in a clean, natural font.