Business Definitions

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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

Sectors

- 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

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