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Business Studies · May / June 2020 · Paper 21 · Question 1

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  • 1(a)[8]

    Explain four characteristics that make Simon a successful entrepreneur. Award 1 mark for each relevant characteristic (maximum of four): Relevant characteristics might include:

    Self-confident – decision to leave full-time job 6 months ago
    Creative – created new drinks to attract additional customers
    Independent – willing to go with own ideas to produce new types of drinks
    Hard worker – prepared to do all the work himself by making all the drinks at his home and selling them at a market stall
    Risk taker – gave up a well-paid job and risked losing personal assets
    Effective communicator – persuades others to buy his new drinks when he is selling them on a market stall
    Optimistic – think positively about new business and wants to rapidly expand it
    Innovative – creating a healthy alternative to mass produced drinks Award a maximum of one additional mark for each application of the characteristic to the context. Indicative response: Simon is a risk taker (1)

    as he risked giving up his well-paid job to start his own business (app). 8

  • 1(b)[12]

    Explain the three main methods of production FJ could use to produce its products in the factory. Which method should FJ use? Justify your answer. Level Description 3 Sound application of knowledge and understanding of relevant business concepts using appropriate terminology. Detailed discussion of two or more methods. Well-justified recommendation. Candidates discussing three methods in detail, in context and with well-justified recommendation including why the alternative methods were rejected should be rewarded with the top marks in the band. 9–12

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