Business studies unit 1

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  • Created by: study4321
  • Created on: 25-02-18 16:59

What is enterprise?

  • enterprise is a combination of attitudes and skills that help an individual turn an idea into a reality
  • enterprise is one of the four factors of production along with land, labour and capital
  • important enterprise skills are planning, leadership and decision making
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Entrepreneurship

  • An entrepreneur is someone who organises, operates and assumes the risk for a business venture and uses a combination of characteristics to do so
    Some characteristics of an entrepreneur include:
  • Understanding of the market
  • Initiative
  • Creativity
  • Resilience
  • Determination
  • Passion
  • Risk taking abilities

What motivates an entrepreneur?

  • freedom: want to make their own decisions
  • opportunity to be creative: see a gap in the market and want to fill it
  • profitability: to make money
  • control: to be their own boss
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Social enterprises

Not everyone starts a business to fulfill personal aims. Some people wish to fulfill social aims such as reducing unemployment.

People who do this are called social entrepreneurs.

Jamie Oliver is a social entrepreneur setting up his restaurant 'fifteen' that trains up unemployed young people in the catering trade.

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topic 1 of ccea business studies specification 

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