Buss 1 - Starting A Business.

Enterprenuer characteristics.

• Willing to take risk
• Determimation and persistance
• Passion
• Relevant skills and expertise in specialist areas
• Vision, creativity and innovation
• Motivation

Motives for becoming an entreprenuer

• Government encouragment
• To make more money
• Spots a gap in the market
• To be your own boss and be able to control your own working hours - flexibility
• Desire to use a skill or talent in a profitable way
• To leave something behind for family

Government support for new businesses

• Government grants
• Reducing barriers to raising finance
• improving support for new businesses
• Reducing the burden of regulations
• Reducing taxes and trying to establish competitive business tax system

Entreprenuer - An individual with a business idea and who is willing to take risk to make the business succeed.

Enterprise - any business or organisation. The process by which new businesses are formed and new products/services are created and brought to market. Led by an entreprenuer.

Sources of business ideas

• Spotting a difference in trends and anticipating the impact on peoples lives
• Spotting a gap in the market for something new or something that can be improved on
• Copying ideas from other countries
• Scientific approach
• Personal experience
• Franchising

Ways of protecting ideas

Patent - An official document granting the holder the right to be the only user of a newly invented product or process.

Copyright - legal protection against copying for authors, artists.

Trademarks - Signs, logos, symbols or words displayed on a company's products and/or advertising, which distinguish its brand from its competitors.