Enterprise (GCSE Business Studies Revision BBC Bitesize)

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An entrepreneur needs to be able to turn an idea into a successful business.

Enterprise

What is enterprise?

Enterprise is a skill. Put simply, enterprise is the willingness of an individual or organisation to:

The studio used in BB2 programme 'Dragon's Den' (http://www.bbc.co.uk/schools/gcsebitesize/business/images/dragons_den.jpg)

The contestants on 'Dragon's Den' need to demonstrate enterprise skills

  • Take risks. Setting up a new business is risky. Even if the entrepreneur has carefully researched the market, there's always a chance that customers may reject the product and that a loss will be made.
  • Show initiative and 'make things happen'. Successful entrepreneurs have the drive, determination and energy to overcome hurdles and launch new businesses.
  • Undertake new ventures. An entrepreneur has to have the imagination to spot business opportunities that will fill gaps in the market.

Enterprise is carried out through the work of an entrepreneur.

Thinking creatively

Creative thinking is the process by which individuals come up with new ideas or new approaches to business. New ideas could result in a new product - for example, a games console. They could also result in a new process that cuts costs or improves quality - for example, a bagless vacuum cleaner.

Fresh ideas give businesses a competitive advantage and help make their goods or services stand out in the market place.

Entrepreneurs can make use of several different thinking techniques to improve their creativity:

A Gameboy portable games console (http://www.bbc.co.uk/schools/gcsebitesize/business/images/games_console.jpg)

Creative thinking can result in new products, such as portable games…

Comments

davidsalter

Concise analysis of enterprise, enterprise skills, invention, innovation and creative thinking techniques. Can be used by students to create their own interactive revision tools or read and learn.

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