Enterprise Photo: © David Iliff. This image is reproduced under the terms of the Creative Commons License. A copy of the license can be read at this address: http://creativecommons.org/licenses/by-sa/3.0

Entrepreneurs and enterprise Entrepreneur is a term we hear often, but what do entrepreneurs do? Entrepreneurial activity is called enterprise; being an entrepreneur is about having the desire and skills to set up a business. Some people set up a business on their own after being employed by another company, whereas others might start a new business as soon as they leave school or college. Teacher’s note: Suggested answers include; to make more profit than could be earned in employment; as a result of being made redundant or being unable to find work elsewhere; to have greater independence. Photo: © Andresr, shutterstock.com Why do people set up their own businesses, rather than work for another firm? 2

Entrepreneurial skills Teacher’s note: As well as confirming and adding to students’ own ideas, this slide could be used as a basis for discussion as to what these skills mean and why they are important for creating a successful business. There are many skills and qualities that are useful when attempting to set up and run a successful business. Some of the most important include: - showing initiative - being able to plan ahead - enthusiasm and work ethic - persistence and determination when times are hard - ability to raise finance and manage cash flow - ability to take calculated risks.

Quiz Teacher’s note: Answers: Easy: A profit The Bank of England Electronic Point of Sale An entrepreneur Fixed assets Businesses will raise their prices Medium: Start-up costs Private sector organizations Innovation Base level interest rate Internal Enterprise Hard: Manageable Consumer Protection Act Statutory rights Security systems Race Relations Act The leader of the opposition