What is Enterprise?
- The willingness to undertake new ventures and show initiative with a view to gaining rewards
- Enterprise is the starting point to any business activity.
What is an entrepreneur?
- A person who spots an opportunity and show initiative and a willingness to take risks in order to benefit from potential rewards.
- Entrepreneurs make use of the resources available to them to set up or develop a business.
- Money Invested
- Salery Foregone
- Fear of failing
- Proving self
- Loss of personal/social time
- Time and effort
- Return on Investment
- Future Security
Being own boss
- Not taking orders
- Making decisions
- Self satisfaction
The cost of an activity expressed in terms of the next best alternative which has to be given up when making a choice.
- The 'real cost' of a course of action, taking into account not only the financial costs but also the opportunity foregone.
- Every time one decision is made an alternative decision is dismissed.
Motives for becoming an Entrepreneur
- Market a new or innovative product
- Escape an uninteresting job
- Be their own boss
- Be creative
- Make their own decisions
- Persue an interest or hobby
- Exploit a gap in the market
- Provide a service or product
- Work from home
Government Grants - Sums of money given to a business for a specific purpose or project. They often contribute to the costs of a project rather than funding the whole thing. Grants do not usually have to be paid back.
Government grants come from a variety of sources, for example:
- Central and local government
- European Union
- Regional development agencies in England
- Princes Trust
- Business Link
They are usually awarded for one of the following purposes:
- Innovation, research and development
- Economic regeneration
- Encouraging young people to start their own business