Entrepreneurs and enterprise.
Entrepreneurs come up with ideas.
Enterprise – process by which new businesses are formed and new products and services are bought to the market.
Entrepreneur – person that has the idea. They take the risks and their profits or losses that come with the successes or failures of the venture. – They are prepared to take risks – rewards can be huge.
Failure occurs for a number of reasons –
v lack of finance - money
v poor infrastructure – all the things that support your business eg . lack of shops, people around
v skills shortage
v complexity of regulations or red tape – government, and rules you have to follow.
Richard branson, alan sugar, james khan, bill gates ect.
Motivation for starting a business
Needing jobs, after being made redundant
Passionate about their hobby