IGCSE Business Studies 1.3.1 Enterprise and Entrepreneurship i-study.co.uk.

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IGCSE Business Studies Enterprise and Entrepreneurship i-study.co.uk

Characteristics of Entrepreneurs What is an entrepreneur? What is enterprise? What is a characteristic? Watch the video – what characteristics do you think define entrepreneurs? JEF4DGCWU i-study.co.uk

Characteristics of Entrepreneurs i-study.co.uk Entrepreneurs Risk TakersOrganisedTeam PlayerVisionaryPassionateDeterminedConfident

Rewards of Risk-Taking i-study.co.uk Profit is a cost of entrepreneurship Retained profit is used for research Profit Entrepreneurs enjoy seeing their good being sold Satisfaction Many entrepreneurs believe their product is improving a market Purpose Entrepreneurs enjoy being their own boss and engaging in CSR Empowerment

Drawbacks of Risk-Taking i-study.co.uk Entrepreneurs are first in and last out Often work alone in early days Long Hours Time spent with family Ability to work for a guaranteed wage Opportunity Cost The firm may fail The entrepreneur may be responsible for the debts Loss / Banckruptcy

Business Plans To form their ideas, entrepreneurs often write up business plans. A business plan is a document that looks at a wide range of issues relating to the firm, including: –The market it is operating in –The objectives of the firm –The business strategies to achieve these –The predicted costs and profits i-study.co.uk

Contents of a Business Plan i-study.co.uk Questions it should answer Business Plan:

Reasons for Business Plans For proof of concept To provide direction To evaluate areas of strength and weakness To focus on areas of importance e.g. finance raising, shareholders For accountability For measuring success To gain finance i-study.co.uk