Enterprise: an enterprise can just be another name for a business
- it can also mean having the skills and taking the initiative and the risk to make a business happen
SMEs: means small and medium sized enterprise
- defined as a business with fewer than
1 of 9
Explain how satisfying needs and wants can give opportunities to entrepreneurs
Needs: what people require to survive
Wants: what people desire/what they would like to have
- Needs are LIMITED, wants are UNLIMITED
- Needs and wants are not fixed, they change over time which gives entrepreneurs opportunities to enter the market to me
2 of 9
Identify business opportunities.
- where a market need exists
- where a service can be offered to businesses to help them increase their sales etc
- listening to complaints/criticisms
- through the internet
- through innovation
- developing a new product
3 of 9
Explain the role of the entrepreneur in creating, setting up, running and developing a business
- someone who starts and runs a business
- make products or provide a service
-employ people
- make profits and pay taxes which contributes towards the funding of public service
- innovators: they bring new ideas to the market and drive development of new
4 of 9
Explain the financial and non-finanical motives of entrepreneurs
- earn an income to make profit
- turn hobby into a business
- use redundancy money/because of unemployment
- to be their own boss
- to make use of skills
- identified gap in market
- few job opportunites
5 of 9
Explain the characteristics and skills of entrepreneurs
- being a risk taker
- taking initiative/being proactive
-being an effective organiser
- having creativity and being innovative
- hard working
- determination and perseverance
6 of 9
Explain the importance of entrepreneurs and SMEs to the primary, secondary and tertiary sectors of the economy
Primary - raw materials extracted
Secondary - process/manufacture raw materials
Tertiary - provide a service
5.82m small business, 99.9% of business population
SMEs account for 3/5 of the employment and around half of turnover in the UK private sector
7 of 9
Evaluate the impact of entrepreneurs and SMEs on businesses and the economy
Advantages: created jobs, buy from other businesses, pay tax on their profit, introduce new technology, create competition, export goods - bring money into economy
Disadvantages: small scale, more likely to fail, smaller budgets, no economies of scale, h
8 of 9
Identify the various stakeholders who are affected by a business
Shareholders - want a business to make a profit to receive a dividend
Directors/managers - salary linked to profit
Employees - wages/working conditions/job security
Customers - good service/product
Suppliers - fair price/paid on time
Govt. - pay tax/em
9 of 9
Other cards in this set
Card 2
Front
Needs: what people require to survive
Wants: what people desire/what they would like to have
- Needs are LIMITED, wants are UNLIMITED
- Needs and wants are not fixed, they change over time which gives entrepreneurs opportunities to enter the market to me
Back
Explain how satisfying needs and wants can give opportunities to entrepreneurs
Card 3
Front
- where a market need exists
- where a service can be offered to businesses to help them increase their sales etc
- listening to complaints/criticisms
- through the internet
- through innovation
- developing a new product
Back
Card 4
Front
- someone who starts and runs a business
- make products or provide a service
-employ people
- make profits and pay taxes which contributes towards the funding of public service
- innovators: they bring new ideas to the market and drive development of new
Back
Card 5
Front
- earn an income to make profit
- turn hobby into a business
- use redundancy money/because of unemployment
- to be their own boss
- to make use of skills
- identified gap in market
- few job opportunites
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