STUDENTS INFORMATION FOR

ENTERPRISE

WHAT IS ENTERPRISE? ENTERPRISE is a skill - the willingness of an individual or organisation to… TAKE RISKS - setting up a new business is risky. Even if the entrepreneur has carefully researched the market, there's always a chance that customers may reject the product and that a loss will be made. SHOW INITIATIVE - make things happen. Successful entrepreneurs have the drive, determination and energy to overcome hurdles and launch new businesses. UNDERTAKE NEW VENTURES - an entrepreneur has to have the imagination to spot business opportunities that will fill gaps in the market.

ENTERPRISE SKILLS An ENTERPRISING person is someone who is characterised by a particular mix of individuality, creativity, and leadership These are KEY SKILLS and increasingly demanded at school, college and university as well as by employers ENTERPRISE SKILLS are central to the process of becoming an ENTREPRENEUR - setting up and running a business or being self-employed

ENTERPRISE SKILLS Team Work Risk Management Negotiating & Influencing Effective Communication Creativity & Innovation Positive Attitude Leadership Team Work Risk Management Negotiating & Influencing Effective Communication Creativity & Innovation Positive Attitude Leadership I nitiative Organising and Planning Product & Service Design Problem Solving Making Ethical Decisions Financial Literacy I nitiative Organising and Planning Product & Service Design Problem Solving Making Ethical Decisions Financial Literacy

Take a critical look at Enterprise Skills in action by watching an episode of the BBC’s Dragon’s Den. What would you have done differently?

ENTERPRISING UK 1 The UK position as the most entrepreneurial country in Europe

ENTERPRISING UK 5.2 MILLION Small businesses in the UK

ENTERPRISING UK 2.9 MILLION Home-based businesses in the UK

ENTERPRISING UK 790 THOUSAND New businesses in the UK since 2010

ENTERPRISING UK 99 THOUSAND New businesses in the South West since 2010

ENTERPRISING UK 95.5 PERCENT of firms in the UK employ less than 10 people

ENTERPRISING UK 2 The UK position in the Global Innovation Index

ENTERPRISING UK 20 PERCENT Increase in social enterprises in the UK in the last 5 years

ENTERPRISING UK 75 PERCENT of adults in the UK bought goods online last year

ENTERPRISING UK YEAR-OLDS are twice as likely as other age groups to start a business

THINKING CREATIVELY CREATIVE THINKING is the process by which individuals come up with new ideas or new approaches to business NEW IDEAS could result in a new product - a games console for example - or they could result in a NEW PROCESS that cuts costs or improves quality - for example, a bagless vacuum cleaner Fresh ideas give businesses a COMPETITIVE ADVANTAGE and help make their goods or services stand out in the market place

THINKING CREATIVELY Work with one or two others to make 2 lists… 5 new inventions from the last 10 years 5 recent innovations

INVENTION & INNOVATION INVENTION is about making new items or finding new ways of making things INNOVATION involves bringing this new idea to the market - turning an invention into a product

INVENTION & INNOVATION Can you think of any inventions or innovations that might make good new business ideas?

LEGAL PROTECTION ENTREPRENEURS can use the LAW to protect their business ideas… REGISTER OWNERSHIP of an invention or new process and be given a PATENT - this can stop rivals from copying the idea for a set number of years COPYRIGHT automatically arises for people creating books, films, music or games so that they can claim damages if someone copies their work REGISTER A TRADEMARK - a symbol or phrase that a company can register with the government to make their company distinctive A patent, copyright or trademark grants LEGAL OWNERSHIP and is only given for original work

Being your own boss - setting up and running your own business or being self-employed - isn’t easy, it requires a great deal of motivation and particular personal qualities and skills You can take a simple test to see if you are someone who might be successful at running their own business or being self- employed Ask your teacher to give you access to the Enterprise Toolkit activity COULD YOU BE YOUR OWN BOSS?

SETTING UP YOUR OWN ENTERPRISE Probably the best way to develop your ENTERPRISE skills is to set up your own business! Why not talk to your teachers and friends and start planning your own business? You might find you’ll get lots of support (especially if your enterprise has a social purpose or will benefit the school).

USEFUL WEBSITES

USEFUL WEBSITES