BACS Enterprise

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  • Enterprise
    • A good business idea is usually a product or a service that no other business is already providing but which customers will be able to pay for.
      • A market niche is a similar idea.
        • A market niche is a small part of the overall market and is made up of customers with a particular need.
        • Big companies often don't bother trying to make products for niche markets so they are great opportunities for small companies
    • Enterprise involves identifying new business opportunities and then taking advantage of them.
      • There is always a risk of failure but the reward for a successful enterprise activity is profit
    • Enterprise always involve balancing risks against possible rewards.
      • An entrepreneur needs to gather all the resources needed to start or a expand a business. The key resource is money which is needed to buy equipment and pay workers.
      • Very often an entrepreneur will use their own money but they'll probably need to raise more from banks or other investors as well.
      • An entrepreneur will hope that the business will make enough profit to pay back any money that's been borrowed. If not, the business will fail and the entrepreneur will lose all the money that has been invested into the comany
      • A good entrepreneur will take a calculated risk and they'll do research, plan the business carefully to make sure it has a good chance of success, and weigh up the consequence
    • Enterprise can involve starting up a new business.
      • It can also involve helping an existing business to expand by coming up with new ideas.
    • Enterprise is either a business or organisation, or the qualities that mean you can see and take advantage of new business opportunities.

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