​Highlight four ways in which a legal-political environment can impact negatively on entrepreneurs27/3/2021 Highlight four ways in which a legal-political environment can impact negatively on entrepreneurs. (4 mks)
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Define the following terms as used in Business Studies. (4 mks)(i) Economics
It refers to the study of how human beings strive to satisfy their unlimited wants using the limited / scarce resources.
(ii) Entrepreneurship
It refers to the process of identifying business opportunity and acquiring necessary resources to maximize the profit.
(iii) Opportunity cost
This is the value of the best next alternative forgone when acquiring or when a choice has been made.
(iv) Scale of preference
It is a list of wants showing the order in which they are satisfied from the most urgent to the least urgent.
​Highlight four ways in which entrepreneurs can observe ethics in the management of their business19/3/2021 Highlight four ways in which entrepreneurs can observe ethics in the management of their business. (4 mks)
Ethical Issues in Business
Causes of Business success
A business is considered as being successful if it makes consistent profit and experiences progressive growth in the scale of its operations.
What are the factors that influence entrepreneurship practices?![]()
There are many conditions or factors which may encourage or discourage entrepreneurship. Some of these factors are:
Introduction, Contents and Why you need a Business PlanIntroduction to Business Plan![]()
What is a Business Plan?
Introduction and Factors to consider when evaluating a business opportunityIntroduction to Business Opportunity
A good business plan is not necessarily a business opportunity. A business idea becomes a business opportunity if it is viable i.e. it can be developed into a successful/profitable business enterprise
A business opportunity is a favourable chance that an entrepreneur accepts for investment. It exists where there is a gap to be filled in the needs of the market. Examples of such gaps include;
A business opportunity is a favourable chance that an entrepreneur accepts for investment. It exists where there is a gap to be filled in the needs of the market. Generating Business Ideas and Sources of Business IdeasGenerating Business Ideas
For an entrepreneur, the first step in starting a business begins with an idea (business idea)
Business ideas are all about thoughts on possible businesses an entrepreneur can start or improve. It indicates among other things;
What are the Characteristics of an Entrepreneur?
A good entrepreneur should have the following characteristics;
Importance of entrepreneurship to an economy is as follows:
Meaning of entrepreneurship![]()
This is the process of identifying business opportunities and gathering the necessary resources to start and run a business.
An entrepreneur who identifies business opportunities and gets the necessary resources in order to start and run a business. The entrepreneur therefore creates new businesses or transform the existing ones in the face of risks and uncertainties in order to make profits. An entrepreneur is therefore a business owner; he starts and organizes the business (the factors of production in appropriate combination) |
Business Studies Notes Form 1 - 4![]()
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November 2022
AuthorAtika School Team |