Theory question 101
Entrepreneurship(a)(i) What is entrepreneurship? (ii) List and explain four sources of fund to an entrepreneur.
(b) Outline six factors influencing the choice of location of a market outlet.
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(a)(i) Entrepreneurship is the process of identifying a business opportunity, organising resources to start and run a business, and bearing the risks in order to make profit.
(a)(ii) Any four, explained: personal savings; loans from family and friends; bank loans; bank overdraft; ploughed-back profit; trade credit; hire purchase/leasing; government grants and schemes; cooperative societies.
(b) Any six: nearness to customers; level of competition; cost of rent/land; accessibility and transport; security; availability of power, water and other amenities; nearness to suppliers; government regulations; availability of parking/space.
Give each point as a full sentence, with an example where possible.