- Willing to take risk
- Determimation and persistance
- Relevant skills and expertise in specialist areas
- Vision, creativity and innovation
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.
Generating and Protecting Ideas
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
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.