Question 1: Social Need vs.

Market Need

A social need focuses on broader societal issues like healthcare or poverty, driven by the aim to
improve overall community well-being. For example, providing affordable housing addresses a social
need. In contrast, a market need is specific to demands within a target audience, identified through
consumer preferences. An example is the market's increasing demand for eco-friendly products.

Question 2: Pros and Cons of Owning a Business

Owning a business offers benefits like independence and financial potential. However, it comes with
drawbacks such as financial risks, stress, long working hours, and the absence of traditional
employment benefits.

Question 3: Motivation for Starting a Business

Many entrepreneurs are motivated by the desire for independence. For instance, Sarah started her
graphic design business to be her own boss and control her work and schedule.

Question 4: Business Fulfilling Social Needs

Companies like Coles Supermarkets contribute to society by addressing the essential need for
accessible and affordable food. Coles, being a major grocery retailer, plays a vital role in providing
diverse and reasonably priced food options, ensuring that communities have access to necessary
nutrition. Through initiatives and partnerships, Coles supports local farmers, actively participating in
community programs to enhance the well-being of individuals and families. Coles showcases how
businesses can positively impact society by meeting fundamental social needs and actively engaging
in community-focused initiatives.