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Enterprise focuses on creating value for customers by satisfying their needs or wants."},{"text":"revenue for owners","correct":false,"explanation":"Revenue is the income received from sales, not the value created for the customer. Enterprise creates value by offering something customers consider worth buying."}]},{"id":"bb062752-b4cd-4138-a9c1-99b9c512816d","cardType":"cloze","points":null,"front":"An entrepreneur spots a business opportunity, [ ] and [ ].","back":"An entrepreneur spots a business opportunity, takes risks and organises resources.","mcqOptions":[{"text":"An entrepreneur spots a business opportunity, takes risks and organises resources.","correct":true,"explanation":"Entrepreneurs identify opportunities, accept the uncertainty involved in pursuing them and bring together resources such as finance, labour and premises to create a business."},{"text":"An entrepreneur spots a business opportunity, avoids risks and organises resources.","correct":false,"explanation":"Avoiding all risk is not characteristic of entrepreneurship because pursuing an opportunity involves uncertainty. The correct description is that the entrepreneur takes risks and organises resources."},{"text":"An entrepreneur spots a business opportunity, takes risks and reduces demand.","correct":false,"explanation":"Entrepreneurs aim to meet or create customer demand rather than reduce it. They take risks and organise resources so the opportunity can be developed into a viable business."},{"text":"An entrepreneur spots a business opportunity, raises prices and organises resources.","correct":false,"explanation":"Raising prices is only one possible business decision and does not define entrepreneurship. 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For this classification, an SME has fewer than 250 employees."},{"text":"An SME has fewer than 1000 employees.","correct":false,"explanation":"A 1000-employee limit would include many larger businesses and is not the commonly used threshold. The relevant limit is fewer than 250 employees."}]},{"id":"9207dc64-a3d6-4406-aae7-874d829c6ec2","cardType":"basic","points":1,"front":"How is a want different from a need?","back":"A want is a non-essential preferred way to satisfy a need.","mcqOptions":[{"text":"A want is a non-essential preferred way to satisfy a need.","correct":true,"explanation":"A need is essential for living or functioning, whereas a want is a preferred, non-essential way of satisfying that need, such as choosing a branded product."},{"text":"A want is an essential requirement that must be satisfied.","correct":false,"explanation":"An essential requirement is a need, not a want. 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A business may exploit this opportunity by providing a more suitable product or service."},{"text":"When they are being fully satisfied.","correct":false,"explanation":"If customer needs and wants are already fully satisfied, there is less unmet demand for a new business to target. Opportunities usually arise when satisfaction is incomplete."},{"text":"When they are unrelated to customers.","correct":false,"explanation":"Business opportunities depend on identifying customer needs and wants, not issues unrelated to customers. The opportunity arises when existing businesses are not fully satisfying them."},{"text":"When they are only being satisfied by suppliers.","correct":false,"explanation":"Suppliers are not the key test for identifying this type of opportunity. The relevant situation is that customer needs and wants are not being fully satisfied."}]},{"id":"45911112-dc5d-45ac-8e6b-4607b626d077","cardType":"basic","points":2,"front":"During a cost-of-living squeeze, what food opportunity may appear?","back":"Demand for cheaper alternatives to restaurant meals.","mcqOptions":[{"text":"Demand for cheaper alternatives to restaurant meals.","correct":true,"explanation":"During a cost-of-living squeeze, consumers have less disposable income and may switch from restaurant meals to cheaper food options, creating an opportunity for businesses serving this demand."},{"text":"Demand for more expensive alternatives to restaurant meals.","correct":false,"explanation":"A squeeze on living costs usually makes consumers more price-conscious, so demand is more likely to shift towards cheaper alternatives rather than more expensive substitutes."},{"text":"Demand for cheaper restaurant meals from luxury hotels.","correct":false,"explanation":"Consumers may seek cheaper alternatives to restaurant meals, but luxury hotels are not the defining opportunity. The key change is the move towards lower-cost food options."},{"text":"Demand for fewer alternatives to restaurant meals.","correct":false,"explanation":"A cost-of-living squeeze can increase interest in alternative food options as consumers change their spending habits. It does not create demand for fewer alternatives."}]},{"id":"6488f8fd-7ea3-4cc2-8f48-57b5fbe161b8","cardType":"cloze","points":null,"front":"Market research collects information about customers, competitors and [ ].","back":"Market research collects information about customers, competitors and market conditions.","mcqOptions":[{"text":"market conditions","correct":true,"explanation":"Market research examines customers and competitors as well as wider market conditions, including trends, market size, growth and factors affecting demand."},{"text":"government policies","correct":false,"explanation":"Government policies can influence a market, but they are only one possible external factor. The standard description states that market research collects information about market conditions."},{"text":"production methods","correct":false,"explanation":"Production methods concern how goods or services are made and are not the missing category in this definition. Market research also investigates the wider market conditions."},{"text":"economic profits","correct":false,"explanation":"Economic profits are a possible outcome or measure of business performance, not the broad market information collected alongside customer and competitor information."}]},{"id":"e34b84ae-1a8b-44c0-a3f1-a7e2919df4b0","cardType":"basic","points":2,"front":"How can observing competitors help an entrepreneur spot an opportunity?","back":"Customer complaints reveal weaknesses a new business can improve on.","mcqOptions":[{"text":"Customer complaints reveal weaknesses a new business can improve on.","correct":true,"explanation":"Complaints highlight problems with competitors' products or services. An entrepreneur can identify these weaknesses and design an improved offering to attract dissatisfied customers."},{"text":"Customer complaints reveal strengths a new business can improve on.","correct":false,"explanation":"Complaints usually identify areas where competitors are performing poorly, so they reveal weaknesses rather than strengths. A new business can improve on those weaknesses."},{"text":"Customer complaints reveal high prices a new business can ignore.","correct":false,"explanation":"Complaints may reveal high prices, but the broader opportunity is the competitor's weakness that could be improved. Ignoring the issue would not help the new business compete."},{"text":"Customer complaints reveal employee skills a new business can replace.","correct":false,"explanation":"Complaints provide evidence about customer dissatisfaction with an offering, not necessarily about employee skills. They reveal weaknesses in the competitor's product or service."}]},{"id":"257de562-81de-456a-a684-56305dfe9429","cardType":"basic","points":2,"front":"How can interest-rate rises create opportunities for repair services?","back":"Higher borrowing costs encourage repair instead of replacement.","mcqOptions":[{"text":"Higher borrowing costs encourage repair instead of replacement.","correct":true,"explanation":"Rising interest rates make borrowing and replacement more expensive, so customers may choose to repair existing products, increasing demand for repair services."},{"text":"Higher borrowing costs encourage replacement instead of repair.","correct":false,"explanation":"Higher borrowing costs generally discourage spending on new products, rather than encouraging replacement. The correct relationship is that customers may choose repair instead of replacement."},{"text":"Higher borrowing costs encourage spending instead of saving.","correct":false,"explanation":"Interest-rate rises do not normally make customers spend more freely. They increase finance costs, encouraging people to repair existing products rather than purchase replacements."},{"text":"Higher borrowing costs encourage disposal instead of maintenance.","correct":false,"explanation":"A rise in borrowing costs does not directly encourage customers to discard products. The resulting pressure on budgets can create demand for repairing products instead."}]},{"id":"392fa901-d78d-4536-8344-201705239fb4","cardType":"cloze","points":null,"front":"A strong opportunity must solve a customer problem and generate enough [ ] to [ ].","back":"A strong opportunity must solve a customer problem and generate enough revenue to survive.","mcqOptions":[{"text":"A strong opportunity must solve a customer problem and generate enough revenue to survive.","correct":true,"explanation":"An opportunity must address customer demand and bring in sufficient income to keep operating; revenue provides the funds needed for the business to survive."},{"text":"A strong opportunity must solve a customer problem and generate enough profit to expand.","correct":false,"explanation":"Profit is what remains after costs, but the required condition here is sufficient revenue to keep the opportunity operating. Expansion is not the basic survival requirement."},{"text":"A strong opportunity must solve a customer problem and generate enough cash flow to compete.","correct":false,"explanation":"Cash flow concerns the timing of money entering and leaving the business, but the completed statement identifies revenue as the income needed to survive."},{"text":"A strong opportunity must solve a customer problem and generate enough sales to innovate.","correct":false,"explanation":"Sales may contribute to revenue, but the broader business requirement is enough revenue to survive. Innovation is not the outcome specified by this definition."}]},{"id":"478b7049-95af-4d23-83c9-61099e632561","cardType":"basic","points":1,"front":"At the creation stage, why decide a target market?","back":"To identify the specific customer group the business aims to sell to.","mcqOptions":[{"text":"To identify the specific customer group the business aims to sell to.","correct":true,"explanation":"Choosing a target market focuses the business on the particular group of customers whose needs it intends to meet and whose purchases it aims to secure."},{"text":"To identify the specific product range the business aims to sell.","correct":false,"explanation":"A target market is defined by customers, not by the products being offered. Identifying the product range belongs to product planning rather than market selection."},{"text":"To identify the general customer population the business aims to sell to.","correct":false,"explanation":"The target market should be a defined customer segment, not every possible buyer. A vague market makes marketing and resource allocation less focused."},{"text":"To identify the main competitors the business aims to sell against.","correct":false,"explanation":"The target market identifies intended customers rather than the business’s competitors. 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The relevant issue is cash flow for paying bills."},{"text":"It may lack assets to pay bills when due.","correct":false,"explanation":"Assets are resources owned by the business and may not be readily spendable. A profitable SME can fail if it lacks liquid cash to meet immediate obligations."}]},{"id":"bfb727f3-6c5a-442d-88af-87e441ba55ba","cardType":"basic","points":2,"front":"How may a growth motive affect an entrepreneur’s risk-taking?","back":"They may take bigger risks to grow.","mcqOptions":[{"text":"They may take bigger risks to grow.","correct":true,"explanation":"An entrepreneur motivated by growth is more likely to accept greater uncertainty and possible loss because taking calculated risks can help the business expand."},{"text":"They may take smaller risks to grow.","correct":false,"explanation":"A growth motive usually increases willingness to accept uncertainty, rather than reducing it. Avoiding larger risks would make rapid expansion less likely."},{"text":"They may avoid all risks to grow.","correct":false,"explanation":"Refusing to take risks is more consistent with security or survival motives. Growth-oriented entrepreneurs may accept risk when it offers opportunities for expansion."},{"text":"They may reduce investment to grow.","correct":false,"explanation":"Reducing investment might limit exposure, but it would also restrict the resources available for expansion. 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Independence and lifestyle motives can encourage continued small-scale ownership."},{"text":"They may take on partners to keep control.","correct":false,"explanation":"Taking on partners can bring finance and expertise, but it may also reduce the owner’s independence. Staying small is the more likely response to this motive."}]},{"id":"3cd118a8-d2aa-4ae1-8dbb-1499d2bdbec1","cardType":"cloze","points":null,"front":"A characteristic is a personal [ ]; a skill is an [ ] developed through practice.","back":"A characteristic is a personal quality; a skill is an ability developed through practice.","mcqOptions":[{"text":"A characteristic is a personal quality; a skill is an ability developed through practice.","correct":true,"explanation":"A characteristic is an inherent or personal quality, whereas a skill is an ability that can be learned and improved through practice."},{"text":"A characteristic is a personal ability; a skill is an quality developed through practice.","correct":false,"explanation":"A characteristic is a personal quality, not an ability acquired through training. In contrast, a skill is the ability developed through practice."},{"text":"A characteristic is a personal talent; a skill is an attribute developed through practice.","correct":false,"explanation":"A characteristic describes a personal quality, while a skill is an ability developed through practice. Reversing these meanings confuses innate traits with learned capabilities."},{"text":"A characteristic is personal knowledge; a skill is a personal trait developed through practice.","correct":false,"explanation":"A characteristic is not simply knowledge gained through study, and a skill is not a fixed personality trait. The correct distinction is quality versus practiced ability."}]},{"id":"6d147901-c32d-47cf-9e45-cb1b5773d1d9","cardType":"basic","points":1,"front":"Which entrepreneurial characteristic helps when markets, costs or technology change?","back":"Adaptability.","mcqOptions":[{"text":"Adaptability.","correct":true,"explanation":"Adaptability enables an entrepreneur to respond effectively when market conditions, operating costs or technology change, helping the business remain competitive."},{"text":"Persistence.","correct":false,"explanation":"Persistence means continuing despite difficulties, but it does not specifically describe changing plans or methods in response to changing markets, costs or technology."},{"text":"Confidence.","correct":false,"explanation":"Confidence can support decision-making, but it does not necessarily enable an entrepreneur to adjust effectively to external changes in the business environment."},{"text":"Creativity.","correct":false,"explanation":"Creativity helps generate new ideas, but the characteristic directly concerned with responding to changes in markets, costs or technology is adaptability."}]},{"id":"cff95ef6-1228-41b4-9a35-233e928719eb","cardType":"basic","points":1,"front":"Which entrepreneurial skill supports pricing, cash flow and cost control?","back":"Financial management.","mcqOptions":[{"text":"Financial management.","correct":true,"explanation":"Financial management involves setting prices, forecasting and monitoring cash flow, and controlling costs so that the business remains profitable and able to meet its obligations."},{"text":"Marketing management.","correct":false,"explanation":"Marketing management focuses on identifying, attracting and retaining customers. Financial management is the skill used to support pricing decisions, manage cash flow and control costs."},{"text":"Operations management.","correct":false,"explanation":"Operations management concerns how goods and services are produced efficiently. Financial management deals specifically with pricing, cash-flow planning and the control of business costs."},{"text":"Human resource management.","correct":false,"explanation":"Human resource management covers recruitment, training and employee performance. Financial management is responsible for supporting pricing, monitoring cash flow and keeping costs under control."}]},{"id":"b7a1e84a-ff7c-4157-9606-53c0279a5aca","cardType":"cloze","points":null,"front":"The [ ] extracts or produces raw materials; the [ ] provides services.","back":"The primary sector extracts or produces raw materials; the tertiary sector provides services.","mcqOptions":[{"text":"The primary sector extracts or produces raw materials; the tertiary sector provides services.","correct":true,"explanation":"The primary sector obtains natural resources through activities such as farming and mining, while the tertiary sector supplies services such as retailing, banking and transport."},{"text":"The secondary sector extracts or produces raw materials; the tertiary sector provides services.","correct":false,"explanation":"The secondary sector processes raw materials rather than extracting them. The primary sector extracts or produces raw materials, while the tertiary sector provides services."},{"text":"The primary sector extracts or produces raw materials; the secondary sector provides services.","correct":false,"explanation":"The secondary sector manufactures or processes goods rather than providing services. The primary sector produces raw materials, while the tertiary sector is the service sector."},{"text":"The tertiary sector extracts or produces raw materials; the primary sector provides services.","correct":false,"explanation":"This reverses the roles of the sectors. The primary sector extracts or produces raw materials, whereas the tertiary sector provides services to consumers and businesses."}]},{"id":"73bbad15-e7a8-4b0a-8cb3-e6d36eae4276","cardType":"basic","points":1,"front":"Which sector processes raw materials into finished or semi-finished goods?","back":"The secondary sector.","mcqOptions":[{"text":"The secondary sector.","correct":true,"explanation":"The secondary sector converts raw materials into finished or semi-finished goods through manufacturing, processing and construction activities."},{"text":"The primary sector.","correct":false,"explanation":"The primary sector extracts or produces natural resources rather than processing them. Processing raw materials into finished or semi-finished goods takes place in the secondary sector."},{"text":"The tertiary sector.","correct":false,"explanation":"The tertiary sector provides services rather than manufacturing goods. Businesses in the secondary sector process raw materials into finished or semi-finished products."},{"text":"The quaternary sector.","correct":false,"explanation":"The quaternary sector specialises in knowledge-based services such as research and information technology. The secondary sector processes raw materials into finished or semi-finished goods."}]},{"id":"8da4cbf1-94b1-430f-9445-5426d7e49f1a","cardType":"basic","points":2,"front":"What positive effect can SMEs have on competition?","back":"They increase competition, pressuring firms to improve value.","mcqOptions":[{"text":"They increase competition, pressuring firms to improve value.","correct":true,"explanation":"SMEs add more sellers to a market, giving customers greater choice and forcing existing firms to compete through better prices, quality, service or innovation."},{"text":"They reduce competition, allowing firms to raise prices.","correct":false,"explanation":"This describes weaker competition rather than the usual effect of SME entry. SMEs increase competition, pressuring firms to offer customers better prices, quality or service."},{"text":"They create monopolies, limiting consumer choice.","correct":false,"explanation":"A monopoly has a single dominant supplier, whereas numerous SMEs usually widen consumer choice. They increase competition and pressure firms to improve the value they offer."},{"text":"They weaken competition, reducing pressure to innovate.","correct":false,"explanation":"New and growing SMEs generally strengthen rather than weaken competitive pressure. They increase competition, encouraging established firms to innovate and improve value for customers."}]},{"id":"cce536f4-9308-4a1f-85f9-d1490ea67455","cardType":"basic","points":1,"front":"What negative impact can SME failure have on suppliers?","back":"Suppliers may face unpaid debts.","mcqOptions":[{"text":"Suppliers may face unpaid debts.","correct":true,"explanation":"If an SME fails before settling its trade credit, suppliers may not recover the money owed, leaving them with unpaid debts and possible cash-flow difficulties."},{"text":"Suppliers may face higher demand.","correct":false,"explanation":"Business failure usually removes the SME as a customer rather than increasing its orders. Suppliers may instead face unpaid debts for goods already supplied on credit."},{"text":"Suppliers may gain immediate payment.","correct":false,"explanation":"Immediate payment would benefit suppliers and is unlikely when a customer becomes insolvent. SME failure can leave suppliers with unpaid debts from previous credit sales."},{"text":"Suppliers may receive larger orders.","correct":false,"explanation":"A failed SME stops trading, so it will not place larger orders with suppliers. The direct risk is that suppliers may be left with unpaid debts."}]},{"id":"48d9b13e-0c56-4e6e-8460-9e258d011bda","cardType":"cloze","points":null,"front":"Internal stakeholders are [ ] the business; external stakeholders are [ ] the business.","back":"Internal stakeholders are inside the business; external stakeholders are outside the business.","mcqOptions":[{"text":"Internal stakeholders are inside the business; external stakeholders are outside the business.","correct":true,"explanation":"Internal stakeholders, such as employees and managers, are inside the organisation. External stakeholders, such as customers, suppliers and government, are outside it."},{"text":"Internal stakeholders are outside the business; external stakeholders are inside the business.","correct":false,"explanation":"This reverses the definitions. Internal stakeholders are inside the business, such as employees, while external stakeholders are outside it, such as customers and suppliers."},{"text":"Internal stakeholders are inside the business; external stakeholders are inside the business.","correct":false,"explanation":"External stakeholders have an interest in the organisation but are not part of it. Internal stakeholders are inside the business, whereas external stakeholders are outside."},{"text":"Internal stakeholders are outside the business; external stakeholders are outside the business.","correct":false,"explanation":"Internal stakeholders belong within the organisation, so classifying both groups as outside is mistaken. Internal stakeholders are inside, while external stakeholders are outside the business."}]}]}],"examCountdown":{"examDate":"2027-05-13","paperLabel":"Component 1"},"heading":"Enterprise","title":"Enterprise Flashcards","topbar":{"backHref":"/a-level/business/eduqas/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"6c58a3b3-4875-549a-bb20-083f8de78308","walled":"$L39"}],"$L3a","$L3b"]