1.1 the role of business enterprise and entrepreneurship
- Created by: ThomasPuffett
- Created on: 24-10-20 16:25
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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
- Spotting an opportunity
- 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
- Entrepreneur
- 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
- Creativity
- 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
- Financial risks
- Purpose
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