1.1 business studies
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- Created on: 15-09-20 18:44
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- 1.1
- 3 purposes of business enterprise and entrepreneurship
- spotting an opportunity, spotting gap in the market, improving a product or service, producing something cheaper
- developing an idea; designing the product or service, planning production
- satisfying customer needs; producing the product/service, marketing the product/services.
- characteristics for an entrepreneur:
- confidence: being positive believing their own ability to make things happen:
- creativity: thinking up ideas and solving problems
- risk-taking: being prepared to put their own or other peoples money at risk
- determination: not being put off when problems arise but working hard to solve them
- financial risk and rewards for enterprise;
- risk: if the business doesn't succeed the risk of losing savings and other assets to pay off debts.
- reward: the potential to make a lot of money.
- non financial risk and reward for enterprise:
- risk: health, the strain of running a business can cause mental and physical illness.
- reward: independence being in control, self satisfaction, making a difference and improving the lives of customers by producing goods or services.
- 3 purposes of business enterprise and entrepreneurship
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