Business 0450 · IGCSE · Enterprise, business growth and size
Enterprise, business growth and size — practice question
Meena is planning to give up her teaching post and set up as a successful entrepreneur. Her enterprise will make handmade jewellery. Meena is aware that the government offers support for business start-ups. She intends to use market research to help her pinpoint a market segment for her jewellery. Her brother has said he will be her business partner, but she is unsure whether trading as a sole trader would be the better option.
(a)[2]
Identify two ways in which a government might help business start-ups.
(b)[2]
Identify two ways a market may be segmented.
(c)[4]
Outline two characteristics Meena will require to become a successful entrepreneur.
(d)[6]
Explain one advantage and one disadvantage to Meena of being a sole trader instead of operating in a partnership.
(e)[6]
Do you believe that using government sources, such as statistics, is the best market-research method for a start-up business? Justify your answer.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Offer grants or low-cost loans” …