Business AS unit 1

AQA Business Studies Unit 1- enterprise 

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Business - Enterprise
What is Enterprise?
Enterprise is the process in which a new business is formed, and new products and services are
created and brought to market. Enterprises are typically led by an entrepreneur.
Enterprise Skills:
Determination and Persistence
The ability to spot and take advantage of opportunities
Relevant Skills and expertise
Vision, creativity and innovation
Motivation to succeed.
Willing to take risks - Important
What is an Entrepreneur?
An entrepreneur is an individual who comes up with an idea, and turns it into reality by creating a
business. They are willing to take risks and achieve the profit that comes with success or the losses
that come with failure.
Opportunity Cost
The `real' cost of taking up a particular action or the next best alternative forgone. For example, the
opportunity cost of picking college over work, is the loss of the money, benefits and potential career
that would come with taking a job.
What support does the Government offer enterprise and entrepreneurs?
Reducing business taxes.
Reducing the regulatory burden on enterprises
Reducing barriers to raising finance for small businesses
Improving the support for small and new businesses
Promoting a change in the UK's enterprise culture
Encouraging businesses start-ups in economically deprived regions of the UK
Introducing legislation to promote competition
Funding projects to raise awareness of enterprise among under-represented groups of
Reviewing how to encourage unemployed people to move into self-employment
Giving financial support to voluntary and not-for-profit organisations which are carrying
out excellent work.

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