JSS 1 Business Studies Flashcards: Meaning, Importance and Characteristics of Entrepreneurship

Question 1

Creating and managing a venture involves organising resources and facing uncertainty. How is entrepreneurship defined?

Accepted Answer

the process of creating and managing a venture

Question 2

Amina combines capital, labour and ideas to open a laundry and bears the risk. What makes her an entrepreneur?

Accepted Answer

a person who organises resources and accepts business risk

Question 3

Amina has established a laundry. How is that enterprise best described?

Accepted Answer

a business venture or organisation

Question 4

Why does a growing catering venture create employment when it hires two assistants?

Accepted Answer

new ventures require workers

Question 5

How can replacing wasteful plastic packs with reusable ones support innovation?

Accepted Answer

by introducing improved solutions

Question 6

Before investing, Kola estimates possible loss as well as gain. Why is this calculated approach valuable?

Accepted Answer

business decisions involve uncertain outcomes

Question 7

Customers need a cheaper way to keep drinks cool. What does creativity help the entrepreneur do?

Accepted Answer

develop original solutions

Question 8

After the first batch fails, the producer corrects it and tries again. What does persistence mean here?

Accepted Answer

continuing despite setbacks

Question 9

Demand shifts to small affordable packs, so the owner changes production. Why must an entrepreneur be adaptable?

Accepted Answer

markets and customer needs change

Question 10

An owner studies the evidence and then acts firmly. What does self-confidence help the entrepreneur do?

Accepted Answer

act on well-considered decisions

Question 11

A snack seller changes a recipe after listening to buyers. Why is that customer focus commercially useful?

Accepted Answer

customers determine whether value is accepted

Question 12

Before opening near a school, what should market research reveal about pupils and nearby sellers?

Accepted Answer

customer needs and competitors

Question 13

Daily records reveal which product earns or loses money. State why the entrepreneur should keep them.

Accepted Answer

to monitor performance and make decisions

Question 14

Goals, resources and steps are written down before launch. What is business planning used for?

Accepted Answer

setting goals and organising action

Question 15

Personal shopping is paid from a separate wallet, not the venture's cash box. Why is this separation necessary?

Accepted Answer

to measure the venture accurately

Question 16

A venture obeys safety rules and advertises truthfully. What does responsible entrepreneurship require?

Accepted Answer

ethical and lawful conduct

Question 17

A trial product attracts no repeat buyers. How should a learning-minded entrepreneur use that result?

Accepted Answer

feedback for improvement

Question 18

Why should a tailor control fabric waste and other costs?

Accepted Answer

to protect cash and profitability

Question 19

Accurate orders and respectful service make buyers return. Together, these provide ____.

Accepted Answer

consistent quality and service

Question 20

A local repair venture fixes a community problem and employs youths. State the wider benefit.

Accepted Answer

by solving needs and creating income

Strong work.