Skills and abilities to take risks and make a profit. A combination of attitudes and skills that turn an idea into a reality, and meet the needs of the consumer.
A person who organises, operates and assumes the risk for a business venture.
Skills and attitudes of an entrepreneur..
-Good financial knowledge
Non-financial motives for starting a business..
:) -More control over working life (your own boss)
:) -Need for flexible work
:) -Frustration with unfulfilled potential
:) -Satisfaction from building something
:) -Dislike bureaucracy of hierarchy
:) -Change in personal circumstances
Why is enterprise IMPORTANT??
JOB CREATION: Over 400,000 new businesses are started each year.
STIMULATES INVESTMENT and INNOVATION through RISK taking.
ENTREPRENEURS enable an ECONOMY to respond to changing global conditions- businesses pay substantial taxes and encourage competition in markets.
* Information, advice, support
*Reduce burden of regulation (Red tape)
*Encourage innovation and job creation
*Incentive for investment-tax breaks
Types of government support...
UK trade and investment..
BERR(Supports growing business + enterprise)
Regional development agencies-improves economic activity.