Short answer questions 1 Define the term 'adding value'. [2] 2 Define the term 'entrepreneur'.

[2]
3 Analyse one characteristic of successful entrepreneurs. [5] 4 Explain one barrier faced by
entrepreneurs, apart from limited finance. [3] 5 Explain one example of opportunity cost for an
individual planning to become an entrepreneur. [3] 6 Analyse one way a country is likely to
benefit from the expansion of its business enterprises. [5] 7 Explain one role of an intrapreneur in
an existing business. [3] 8 Analyse one benefit of a detailed business plan to an entrepreneur. [5]
9 Explain one limitation of business plans. [3] 10 Explain one reason why a new hairdressing
business will need a factor of production of your choice. [3] 11 Explain one need that a new
business must fulfil if it is to be successful. [3] 12 Analyse one way a supermarket could add
value to the food and other goods it buys in. [5] 13 Explain one reason why there are so many
new business enterprises providing consumer services. [3] 14 Explain one way in which an
entrepreneur could overcome the barrier of having no savings to invest. [3] 15 Analyse one
benefit of entrepreneurship to your country's economy. [5]