Business Definitions

HideShow resource information

Reasons to start your own business:

- Profit Motive

- Self-employment/ income

- Own boss

- Carry on a family business

- Challenge

- Personal Satisfaction/ ambition/ develop hobby

- Social Enterprise - community business, e.g. village stores, pubs, post offices


- Public sector - provides a service e.g. schooling and the NHS

- Private sector - main goal is money e.g. apple. Sometimes private organisations provide a service e.g. oxfam, as their goal is to make as much money as they can.

- Non-profit organisation - Is an organisation which focuses a goal such as helping the community.

- Profit organisation - Is an organisation that's main goal is to make money.

PrS- private sector

PubS- public sector

P- Profit

NP- Non-profit

Entrepeneurs and Enterprise

Entrepeneur- A entrepeneur is a person that starts a successful business from scratch.

Enterprise- The skills + abilities to take risks and create profits. The creation of a business to meet the needs of it's clients.

Three potential disadvantages for someone leaving paid employment to start his or hers business for the


No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Starting a business resources »