Unit 1 Topic 1.2.1

 Must learn: To appreciate what enterprise involves, taking risks and showing initiative  Should learn: the difference between providing a good or a service  Could learn: to consider reasons why some entrepreneur are successful and others are not

 Brain storm – What does it take to be an entrepreneur? Entrepreneur

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

Enterprise Showing initiative Undertake new ventures Risk taking

 Enterprise involves an element of risk. Things may go wrong or not according to the plans of the entrepreneurs or company.  That said, if these risks have been considered and planned for, then they are usually easier to manage and address. Example: Property developer & the recession

 Initiative is about making the first move to get things done. It is also about developing creative solutions to problems and ‘thinking outside of the box’  Initiative is an essential enterprise skill which sets people aside from others.

Being enterprising requires a willingness to undertake new ventures and to be on the look out for new opportunities. Undertaking new ventures does not necessary equate to being successful. However, the enterprising individual will have the courage to quit ventures that are less successful and pursue other ventures with better prospects.

 When discussing enterprise, it is essential to differentiate between the terms ‘Goods and services’.  What is a good?  What is a service?

Are tangible and physical Can be seen & touched Examples: Car, sofa, cup, watch, food

 Are intangible and non-physical  Have to be experienced Examples: Restaurants and takeaway’s, healthcare, education, tourism, renting a car FACT: Over 70% of economic activity in the UK is based in services

Write your own definition for the following Enterprise keywords Entrepreneur Enterprises Enterprise Risk Goods Services

 Watch an episode of Dragons Den on TV or Online 