Enterprise and Entrepreneurship | Edexcel GCSE Business (1BS0)
Enterprise and Entrepreneurship
- 46 questions
- 3 subtopics
- Paper 1
- Paper 1
Enterprise and Entrepreneurship is examined in Paper 1, Investigating small business (Theme 1).
It covers the dynamic nature of business, risk and reward and the role of business enterprise.
Sample questions from Enterprise and Entrepreneurship
Answer each one closed book first, then open the answer.
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The dynamic nature of business
Why might a change in what consumers want create an opportunity for a new business?
Show the answer
New tastes create demand that existing firms may not yet meet. Demand for plant-based food rose, opening a market for vegan brands. -
The dynamic nature of business
Give one advantage and one disadvantage of an original business idea.
Show the answer
An original idea may face no direct competitors at first, so it can charge a higher price. An untested idea carries more risk because demand is unknown. -
Risk and reward
What is meant by reward in business?
Show the answer
Reward is the benefit an entrepreneur gains for taking a risk. Rewards include business success, profit and independence. -
Risk and reward
How does the balance of risk and reward affect whether someone starts a business?
Show the answer
A person starts a business when the expected reward seems worth the risk. A high chance of loss with little reward puts people off. -
The role of business enterprise
Name the five ways a business can add value.
Show the answer
A business can add value through convenience, branding, quality, design and a unique selling point. -
The role of business enterprise
How could a local sandwich shop add value to its products?
Show the answer
The shop could use high-quality local ingredients and attractive packaging. The shop could also offer delivery to nearby offices for convenience.
The 3 subtopics
One subtopic is one session. Work down the list.
| Subtopic | What it covers | Questions |
|---|---|---|
| The dynamic nature of business | Why business is dynamic, how technology, changing wants and obsolete products create new ideas, original ideas against adapted ones, and how online shopping reshaped the high street. | 15 |
| Risk and reward | The risks of starting up, from failure and financial loss to losing a regular wage, the rewards of profit, independence and success, and how an entrepreneur weighs one against the other. | 15 |
| The role of business enterprise | The purpose of business activity, goods and services, added value and the five ways to create it, the unique selling point, and the three roles of an entrepreneur. | 16 |
How the guide is worked
Answering a question from memory stores it far better than reading the answer again. The guide runs that as a fixed procedure on one subtopic at a time, about twenty minutes a session.
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Step 1 · Closed book
Cover the answers. Work through one subtopic and write down what you can. Leave blanks where you have nothing.
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Step 2 · Open book
Go back to the top. Read each printed answer and write it out in full, including the ones you had right.
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Step 3 · Closed book again
Same questions, same order, from memory. The gap between pass one and pass three is the session result.
Read the full method, the return schedule and the research behind it.
Nearby topics
Edexcel GCSE Business Active Recall Guide
Every topic, not just this one. 672 questions with their answers.