Business IEB grade 10 Chapter 1-6 Newest Exam With 100% Verified
Detailed Answers (A+) Pass Guaranteed
What is the macro environment? - ANSWER Comprises elements outside of the business
that the business has no control over
What environmental analyses are utilized within the macro environment? - ANSWER
SWOT. Only opportunities and threats
P olitical
E conomic
S ocial
T echnologicl
L egal
E nvironmental
What are the characteristics of the micro, market and macro environments? - ANSWER
They are complex, and are ever changing due to competition and other factors. They
are multi-faceted, and decisions that are made by management affect everyone. And
they are dynamic and flexibility is important when making decisions
What are push factors to entrepreneurship? (4) - ANSWER Unemployment
Job security
No formal training
Disagreement with current employer
What are pull factors to entrepreneurship? (4) - ANSWER Independence
Recognition
Self-actualization
, Personal wealth and freedom
What are characteristics of an entrepreneur? (7) - ANSWER Opportunity seeking
Creativity and innovation
Risk tolerance
Determination and perseverance
Self-reliance
Flexibility
Motivation
What makes a good entrepreneurial business venture? (3) - ANSWER Innovation
Growth potential
Sound objectives
What are the types of entrepreneurs? (7) - ANSWER Techno-entrepreneur
Tourism-entrepreneur
Social-entrepreneur
Enviro-entrepreneur
Emerging-entrepreneur
Informal-entrepreneur
Youth-entrepreneur
Paths to entrepreneurship - ANSWER Starting a new business
Buying an already established business
Buying a franchise
Family business
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