1 Grace has always been interested in owning her own business. Even when she was still at school she was always looking at ways of making money baking cakes, making sweets which she sold to her friends and one time even organising a dance competition. Her drive and determination to succeed at whatever she does in life have often enabled her to achieve success where others might easily have failed. She has a new idea for a disposable seat: At a recent outdoor music concert she realised that many people wanted to sit down between acts, but this was not possible because the ground was damp and people did not want to get dirt or grass stains on their clothes. The seat is made of cardboard so it is lightweight, and it is easy to carry and assemble. Once finished with, it can be recycled. a Grace's new business activity will be part of the secondary sector. Identify the other two sectors of business activity. b Define 'entrepreneur'. c Identify four characteristics you think Grace has oller that make her a good entrepreneur ? he way that d Explain two benefits to Grace of preparing a business plan
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Answer:
sorry I'd know more about this question
Answer:
Primary, tertiary.
b Someone who has an idea for a business and is prepared to risk their own capital.
c Self-motivated; confident; innovative; inititative; risk-taker; results driven; multi-skilled.
d A business plan contains information about a business, its market, objectives and financial forecasts
Market research will help identify the size of the market and growth opportunities
Objectives will give the business a sense of direction
Financial forecasts will help her to secure finance from lenders and investors
e Is the market large enough ?
Are people interested in buying the product ?
She has not carried out any market research . Will consumers pay a price for her product which is greater than the total cost ? Will competitors enter the market with similar products ? Will she have enough capital to start supplying her product ? Factors considered most important with justification linked to points made
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