N3/4 Business: How do businesses get started? © BEST Ltd Licensed to: Turnbull High School Business Management (National 3 and National 4) Business in Action 1.1 – How do businesses get started?

N3/4 Business: How do businesses get started? © BEST Ltd Licensed to: Turnbull High School  BUSINESSES are organisations that are formed to provide: ◦ GOODS ◦ SERVICES  GOODS and SERVICES can be: ◦ DURABLE ◦ NON DURABLE  Businesses provide goods and services to CONSUMERS in order to satisfy: ◦ NEEDS ◦ (UNLIMITED) WANTS

N3/4 Business: How do businesses get started? © BEST Ltd Licensed to: Turnbull High School  Business owners provide goods or services so that their business can achieves one of the following AIMS. ◦ ENTERPRISE ENTERPRISE ◦ PROFIT ◦ PUBLIC SERVICE ◦ CHARITABLE WORK  Enterprise is a particularly important aim because it is necessary to create new businesses and products. To be a good entrepreneur, a person should: ◦ BE CREATIVE ◦ BE FLEXIBLE ◦ SHOW INITIATIVE ◦ UNDERSTAND HOW TO INNOVATE ◦ HAVE A POSITIVE ATTITUDE TO CHANGE ◦ BE ABLE TO EVALUATE RISK ◦ BE ABLE TO PERSUADE OTHERS TO HELP