YEAR 8 ENTEPRISE REVISION

Use the evidence... There will be evidence at the start of the paper You must read this carefully Refer to the evidence when the questions asks you to do so

Topic Why start a business? To pursue an interest/ hobby To be their own boss To escape an uninteresting job To provide a service product that benefits others To make a big business one day To be successful

Topic What is an entrepreneur? ‘ ‘ An entrepreneur is prepare to take risks in order to exploit a business opportunity’.  Motivated to succeed  Charismatic  Risk taker  Hard working  Able to innovate  Able to spot opportunities

Topic Social enterprise An activity that achieves reward for society For some entrepreneurs profit is not enough motivation to persuade them to take a risk and put in place the necessary resources to carry out a business. Some entrepreneurs are motivated by helping others for the good of the community or even the world.

Topic What are smart objectives? Specific – Objectives should specify what they want to achieve. Measurable – You should be able to measure whether you are meeting the objectives or not. Achievable - Are the objectives you set, achievable and attainable? Realistic – Can you realistically achieve the objectives with the resources you have? Time – When do you want to achieve the set objectives?

Topic What is research? Market research is how a business finds out if its products or services are going to be purchased. It’s vital that a company completes market research before it begins production so that time, effort and money is not wasted.

Topic What information should be collected? Whether customers will buy? How often customers will buy? The price that is willing to be paid? The type of customer interested in the product? Where the product will be sold?

Topic Primary Research Research that you have completed and tailor made to suit your needs. Collection of Information first hand. The business designs methods of getting answers to suit its needs. Information collected is up to date. Information gathering and evaluation may be easier.

Topic Secondary Research Research that another organisation or individual has already completed. Easier to complete than primary research. –Books –Magazines –Newspapers –Government publications –National Statistics

Topic 8 – What to do in the dragons den Be presentable, speak clearly and know your product Explain where the idea cam from How can the entrepreneur prove the product/ service will be successful What the entrepreneur would do with the money invested What is the entrepreneur hoping the product can achieve How could the entrepreneur demonstrate the product to the dragons Any questions the entrepreneur should expect to be asked How the entrepreneur prepare for questions in the dragons den