1.1 Role of Business

1) to satisfy customer needs

2) provide a product or service to a target market

3) to enable innovation and invention

4) to make money (and sometimes profit)

1) current needs of the customer  e.g. because of COVID there is a need for PPE so companies adapt to provide that

2) current technology requirement for today's society  e.g. zoom development for online classes

3) enabling a more convenient life for the customer

4) the location of the business  e.g. clothes to match the climate

5) laws and regulations set by the government

• Innovative (spotting a gap in the market, developing new ideas)
• Determined to meet goals.
• Creative (to make their product stand out and be different)
• Motivated (passionate)
• Adaptable (change to meet the current situation)
• Calculated Risk taker
• Confident about yourself and the product.
• Resilient (bounce back from setbacks)
• Realistically optimistic.

• Loose invested capital (for a sole traders and partnerships you could also loose personal assets - unlimited liabilty)
• Being bullied out by established competitors
• Health issues can develop in times of stress and lots of work and responsibility
• Business may fail resulting in loss of capital and also reputation and time invested
• When starting a new business, there is a lack of financial security
• Sometimes difficult to take time off when ill and or wanting a holiday (certain business types like partnerships can reduce this happening)

• Independence - be your own boss and possibly make own choices (sole trader)
• Starting a business in some types or format may reduce risk such as running a partnership (ideas and experience shared) 
• Personal reward and satisfaction for being a successful business. This can develop confidence and reputation
• Choose to work own hours – possibly reducing chance of stress and ill health
• Money invested can turn into profit
• Some forms of business reduce the chance of losing investment (companies)
• Change customer habits