1.3.1 Objectives when starting up What do they want to achieve? A premier league football club A contestant on “The Weakest Link” A NHS hospital The RSPCA A mother elephant in Africa An amateur theatrical society A window cleaner Confused.com Subway Do they have just one objective or many? In teams take one of the above examples and list as many objectives as you can think of. Try and place these in order of importance 1.3.1 Objectives when starting up 1.3.1 Objectives when starting up

1.3.1 Setting personal objectives Individuals have two categories of objectives that they look for when starting up a business Financial objectives Non-financial objectives This unit is about the personal objectives of entrepreneurs 1.3.1 Objectives when starting up

Types of personal objectives A personal objective is a goal that an individual wants to achieve Personal objectives will vary from one individual to another e.g. an individual may want to survive in the first year of business they may want to gain more customers An individual might set different objectives for the short, medium and long term On a piece of A4 paper list your objectives for the short, medium and long term 1.3.1 Objectives when starting up

Types of personal objectives Financial Survival The ability to continue to exist in business Need enough money to pay expenses Profit/Income To receive more money in sales than the costs Financial security Having enough money to provide a good standard of living Wealth To invest in personal assets such as a car and a house Are there any businesses in your local area that have failed to survive? What do you think has happened to the owner in financial terms? 1.3.1 Objectives when starting up

Types of personal objectives Non-financial Personal satisfaction The extent to which an individual achieves happiness and fulfilment Challenge Taking control of your own vocation Wish to pursue ones own interests To help others Social enterprises will seek to benefit other people Starting a charity 1.3.1 Objectives when starting up

Using personal objectives to measure success How can an individual use personal objectives to measure success? Look at the list of personal objectives on the left. Which one is the most important in measuring the success of an individual? Place a number from 1 to 7 next to the objective (1 = most important, 7 least important). Is this your personal view? Personal Objective Importance? Survival Profit Financial security Wealth Personal satisfaction Challenge To help others 1.3.1 Objectives when starting up

MULTIPLE CHOICE 1. Which two of the following are the most likely reasons why an individual would want to start a business? Select two answers. □ A To have a quieter life □ B To pay more national insurance □ C To meet legal requirements □ D To be their own boss □ E To make a profit 1. D 2. E 1.3.1 Objectives when starting up 7