Question: Value added – what are the different types?
What are the roles of an entrepreneur?
Service and product definitions
USP – what is it, what are the benefits?
Disadvantages and advantages of producing a high quality product?
Why do new business ideas come about?
What are the rewards from business activity?
What are the risks to an entrepreneur of starting a business?
How can an entrepreneur reduce risk of failing when starting a new business? Give me simple answers
1. Value added types: Value added can be through improving a product, adding features, branding, or better customer service.
2. Roles of an entrepreneur: Entrepreneurs create ideas, organize resources, take risks, and manage the business.
3. Service and product definitions: A product is a physical item you can touch; a service is an action or activity done for someone.
4. USP (Unique Selling Proposition): It is what makes a product or service different and better than others. Benefits include attracting customers and standing out in the market.
5. Advantages of high quality products: Better reputation, customer satisfaction, and higher prices. Disadvantages: Higher costs and longer production time.
6. New business ideas come from spotting problems, changes in technology, or new customer needs.
7. Rewards from business activity: Profit, personal satisfaction, independence, and growth opportunities.
8. Risks to entrepreneurs: Losing money, failure, stress, and uncertain income.
9. Reducing risk: Plan well, research the market, start small, and learn from others.