Mitchell is an entrepreneur. He wants to start up a business selling books. As part of his business plan Mitchell has carried out some market research. An extract is shown in Fig. 2.1. Mitchell will use microfinance as a source of finance. He wants to know whether the opportunities of using ecommerce for a new business are greater than the threats.

1. (a)Define 'entrepreneur'.[2]
2. (b)Define 'business plan'.[2]
3. (c)Outline one advantage and one disadvantage to Mitchell of using microfinance as a source of finance. Advantage: Disadvantage:[4]
4. (d)Explain how the market research data in Chart 1 and Chart 2 in Fig. 2.1 could help Mitchell when making decisions. Chart 1: Explanation: Chart 2: Explanation:[6]
5. (e)Do you think the opportunities of ecommerce for a new business are greater than the threats? Justify your answer.[9]

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