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Entrepreneurs
Someone who puts an idea into action to create a business
opportunity

CHARACTERISTICS
Bravery willing to take risks
Initiative able to see opportunities
Passionate/ Driven motivated to work hard
Problem solver can solve problems easily
good leader leads and motivates workers
decisive can make efficient and quick decisions
focussed…

Page 2

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NOT EASY TO TAKE BREAKS CANT JUST PAUSE IT
EMOTIONAL CAN BECOME ATTACHED


WHY ARE ENTERPRISES IMPORANT TO THE UK ECONOMY

o JOB CREATION
o STIMULATES INVESTMENT
o ENABLES THE ECONOMY TO CHANGE WITH GLOBAL
CHANGES
o TAXES GIVE THE GOVERMENT REVENUE
o CREATES COMPETION

DIFFICULTIES OF STARTING A BUSSINESS:…

Page 3

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Leadership Styles
Managers

to plan, coordinate and command to achieve a purpose
Creates and implemented effective systems of work
Delegates work to staff
Ensures targets and deadlines are met

Leader

has innovative new ideas and puts these into actions
can visualise the next step
motivates workers

What affects leading styles?…

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leader may not know best
dependence on 1 person



When is this appropriate to use?

Emergencies

When leaders are in control of large numbers of low skilled workers

When in least appropriate to use?

Highly complex decision
When expertise is required
When leading skilled or creative staff


Democratic

Delegates out…

Page 5

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Quick decisions



LaissezFaire
makes few decisions and passes work down to employees

Can be seen as lazy
Mild anarchy
Independent workers
Workers make decisions
Advantages

Workers may know best
Liberates the work force

Disadvantages

may cause hostility

workers may try and skive off
weakens decisions

When is this appropriate to…

Page 6

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More efficient



Disadvantages

may cause hostility
leader may not know best
dependence on 1 person

When is this appropriate to use?

Emergencies
When leaders are in control of large numbers of low skilled workers

When in least appropriate to use?

Highly complex decision
When expertise is required
When leading skilled…

Page 7

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Somewhere that brings buyers and sellers together to
trade goods at agreed prices.
Supply
Number of sellers offering a good or service at a specific price
at a specific time.

Law of supply




AS PRICE INCREASES SO WILL SUPPLY
Supply curves slope upwards as increase in price acts as an…

Page 8

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Demand

Number of buyers willing and able to
purchase a good or service at a specific
price at a specific time

Law of demand

As price increases, demand decreases.
PRICE causes movement along the curve, not a shift.




A shift:
when the demand moves right or left on the graph…

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Effective Demand
The amount of people who have both the want and ability to product a
good or service.

Market Demand
the aggregate demand of all potential customers for a specific product
over a specific period of time in a specific market.

MARKET CEARING POINT/EQUILIBURM
When demand and supply meet…

Page 10

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Market Difference
A change in the price after a stock has been bought or sold,
necessitating the providing of more margin or permitting the
withdrawal of margin in part or whole.

EVALUATING A BUSINESS OPPOURTUNITY
It is dangerous to start a business without any research, so
research is used to…

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marion edwards

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Hannah, great revision resource - thank-you x

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