unit 1.1

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      • Is seeing an opportunity to provide a product or service that people are willing
      • Enterprise is nothing new
    • What makes a successful Entrepreneur
      • Creativity
        • An entrepreneur would normally be creative
      • Risk Taking
        • Many people don't like taking risks however an entrepreneur staring a business will need to take risks possibly using their own money
      • Determination
        • An entrepreneur will need determination to see things through. owners of many small businesses find that when they first start, they need to put a lot of time into the business
      • Confidence
        • Will need to be confident that their ideas will succeed and be able to pass that feeling of confidence to others who are brought in to develop a business idea. An enterprising person is always very positive. 'Cannot do' is not a phrase they would use
    • Risk and reward in business
      • When a business starts , the entrepreneur takes a risk. This is all part of the markup of someone who is enterprising
      • Potential rewards for risk taking
        • Financial
          • greater the risk, the greater the reward. The attraction of making a lot of money is an important factor in encouraging people to take a risk and start their own business
        • Independence
          • Entrepreneurs often want to be independent, and take the risk of running their own business simply in order to be their own boss. The risk then falls on the entrepreneur, but the feeling of being independant and being their own boss outweighs this.
        • Self satisfaction
          • An entrepreneur may take the risk of starting their own business simply to have the satisfaction of making their idea work. They may not be interested in making a lot of money, but want to retain the satisfaction that they started, owned their own business
        • Chaning customer habits
          • Some entrepreneurs are rewarded when customers are persuaded to change their buying habits.
      • Potential drawbacks for risk taking
        • Financial
          • Just as there can be great rewards for risk taking there are also major potential drawbacks. While fortunes can be made life savings that are put into a business could also be lost. The possibility of losing money is one of the main reasons why people will not take a risk and start their own business.
        • Health
          • If a business idea fails or more time and effort is needed than originally anticipated the health of the entrepreneur may be affected. The strain of being in charge of a business that is in difficulty may lead to failing health.
        • Strained relationships
          • Taking a risk and starting a business can be very time consuming. It may well take its toll on the health of the entrepreneur and it may also damage personal relationships
    • Key Facts
      • Businesses exist to satisfy the needs of customers
      • A successful entrepreneur has many characteristics
      • Entrepreneurs will often spot an opportunity and develop products and services to meet customer needs
      • There are a number of risks and rewards in starting and running a business
    • Useful Words
      • Entrepreneur- is a person who takes the risk of starting and running a business enterprise
      • Spotting an opportunity- is the ability to see the need for a particular product or service that customers need
      • Enterprising characteristic-are the features of an entrepreneur which include being determined, creative and having ability to take risks


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