IGCSE, A Level Business Student Forum

Syed Raza wrote: ↑Sat Oct 28, 2023 1:34 pm [KN] Flexibility
[AN] Entrepreneurs can often set their own schedules and work from anywhere. This flexibility allows for a better work life balance and the ability to adapt to personal needs and preferences.
[AN+] thus leading to efficient control.

[KN] Innovation
[AN] Entrepreneurs often have the opportunity to bring their innovative ideas to life. They can create and develop new products, services and solutions.
[AN+] thus these innovative ideas can lead to a drastic change.

While this sentence mentions innovation, it lacks context and doesn't explain how innovative ideas lead to a "drastic change." It's a bit vague and should be more detailed.

Talha Asim wrote: ↑Sun Oct 29, 2023 11:43 pm (Kn)make your own rules (an) since the entrepreneurs are their own leaders they can decide whatever they want to do or how much they would want work(an+) thus this gives them the freedom to do whatever whenever and wont be held responsible
(Kn) decide their own salaries (an) its the choice of the entrepreneur to decide how much money from the profits he would like to keep or the salary which he is entitled to(an+) such rewards are what the entrepreneurs look for

The first point implies that entrepreneurs can act without any responsibility, which is not accurate. Entrepreneurs are indeed responsible for their businesses and decisions.

Ibrahim Aamir wrote: ↑Sun Oct 29, 2023 12:15 pm [KN] Self boss
[AN] Being an entrepreneur means that their is none superior to you at your work place
[AN+] this makes them more motivated to work

[KN] self dependent
[AN] His business would be totally depended on his own efforts the amount of time he takes out for it
[AN+] this means that more the work bigger the reward

The first KN and AN implies that entrepreneurs have no superior or accountability at all, which is incorrect. Entrepreneurs may not have a direct manager, but they are accountable to customers, investors, and other stakeholders

[KN] independance
[AN] an euntreprenuer will be the one to make all the decisions of her/his business and choose the most suitable option as per their perspective
[AN+] thus,an euntreprenuer wont have to mould his decisions according to others opinions.

[KN] decision making
[AN] an euntreprenuer would be the one who will make all the final decisions and make sure the business achieves its objectives and smooth operations occur
[AN+] thus the business will earn maximum profits and the income for the entrepreneur will also rise.

(KN) Independence of opinion
(AN) as an entrepreneur is allowed to bring new innovative ideas into the business and make decisions according to their perspective, without any neglections,
(AN+) thus, this leads to certain for the entrepreneur as they are able to then hence bring innovative products in the market.

(KN) Business and entrepreneur can potentially become famous
(AN) as due to the usual outcome of businesses of entrepreneurs failing, if the business of a certain entrepreneur starts prospering in the market, it can lead towards the business becoming potentially famous,
(AN+) from which the entrepreneur could not only gain fame but also growth of their business, as well as more income.

Q1 Analyse the benefits of being an entrepreneur. [6]

[KN]chance to gain higher incomes than workers themselves
[AN]entrepreneurs gain profit through sales allowing them to invest and spend on themselves
[AN+]thus their purchasing power increases, improving their SoL's and providing them satisfaction

[KN]freedom and independence of their own
[AN]they have the choice to make their own decisions without any conflict or interferences
[AN+]thus uniqueness, creativity, etc. allows innovative ideas to be implemented or looked over

[KN]independence
[AN] they are not bound by some ones rules
[AN+] work life balance can be maintained

[KN] innovation
[AN] come up with new ideas and their ideas will be presented by themselves
[AN+] leading to continuous personal growth and skill development