1.1 the role of business enterprise and entrepreneurship

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  • 1.1 the role of business enterprise and entrepreneurship
    • Purpose
      • Spotting an opportunity
        • producing a product or service more cheaply
        • a gap in the market
        • improving a product or service already sold
      • Developing an idea
        • designing the product or service
        • planning production
      • satisfying customer needs
        • producing the product or providing the service
        • Marketing the product or service
    • Key terms
      • Entrepreneur
        • a person who takes the risk of starting and running a business enterprise
      • spotting an oppurtunity
        • the ability to see the need for a particular product or Service customer need
      • Characteristics of an entrepreneur
        • the features  an entrepreneur
      • Rewards
        • the benefits an entrepreneur receives from starting up and running a business
      • Risks
        • The possible losses that an entrepreneur may suffer from starting up and running a business
    • Characteristics of an entrepenour
      • Creativity
        • Thinking up ideas and solving problems
      • Confidence
        • Being positive, believing in their own ability to make things happen
      • Risk-taking
        • Being prepared to put their own or other people's money at risk
      • Determination
        • Not being put off when difficulties or problems arise, but working hard to solve them
    • Risks and rewards of entrepreneurship
      • Financial risks
        • if the business does not succeed, the risk of losing savings to pay off debts
      • Financial rewards
        • the potential to make a lot of money
      • Non-financial risks
        • Health - the strain of running a business can cause mental and physical illness
      • Non-financial rewards
        • independence
        • Self-satisfaction
        • Making a difference


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