1. Enterprise – Unit 1 Revision

2. Checklist
I can…
Tick
State reasons why someone would want to start a business
Define entrepreneur
Give an example of an entrepreneur
State skills/qualities entrepreneurs need
Explain why is it important for entrepreneurs to have these skills/qualities
Define Enterprise
Define Social Enterprise
Give an example of a Social Enterprise
Define SMART objective
Define Market Research
Define Primary Research and give examples
Define Secondary Research and give examples
Explain why businesses use market research
Calculate profit

3. Why would someone want to start a business?
To be their own boss
To make a profit
To help other people/the community
To pursue a hobby or interest
To work flexible hours
Can you think of any others?

4. What is an entrepreneur?
An entrepreneur is a person who sets up a business taking on financial risks in the hope of profit.
Can you name these entrepreneurs?
Can you think of any other entrepreneurs and the businesses that they own?

5. What skills/qualities must an entrepreneur have?
Risk taker
Creative
Innovative
Confident
Determined
Vision
Motivating
Why is it important that they have these skills?
Can you think of any others?

6. Enterprise
An enterprise is a business set up to make a profit. Can you think of an example?

7. Social Enterprise
A social enterprise is a not for profit business set up with the aim of helping a cause/community. Can you think of any examples?

8. 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? Create a SMART objective for you to achieve by the end of Year 8

9. Market Research
Market Research is Why does a business need to complete market research?

10. The Role of Market Research

11. What can a business use market research to find out about?
Prices – how much should you sell your products/services for?
Products – what are the current trends and customer preferences?
Place – where should the business locate?
Promotion – How and where should the business advertise itself?
Competition – where are competitors located and what are they doing?
Can you think of any others?

12. Primary Research
Primary research (field research) involves gathering new data that has not been collected before. For example: questionnaires, surveys, interviews, focus groups What is an advantage of this type of research?

13. Secondary Research
Secondary research (desk research) involves gathering existing data that has already been produced. For example: internet, newspapers and company reports. What is an advantage of this type of research?

14. Profit = Revenue – Total Costs

15. Profit Practice Answers:
Business
Selling Price
Units sold
Revenue
Total cost
Profit or loss (£)
Bob’s suit tailoring
£500
200
 £100,000
£70,000
 £30,000
PROFIT
Joe’s Pizza
£10
5000
 £50,000
£25000
 £25,000
Sandra’s Snack Shop £4
2500
 £10,000
£12500
 -£2500
LOSS
Michael’s Chocolate Shop 
£0.99
 £4950
£6000
 -£1050
Angela’s Coffee
£2.50
6000
 £15,000
£10,000
 £5000

16. Profit Practice Answers
Business
Selling Price
Units sold
Revenue
Total cost
Profit or loss (£)
Bob’s suit tailoring
£500
200
£70,000
Joe’s Pizza
£10
5000
£25000
Sandra’s Snack Shop £4
2500
£12500
Michael’s Chocolate Shop 
£0.99
£3000
Angela’s Coffee
£2.50
6000
£10,000

17. Useful Links
Enterprise 
Why start a business 
Marketing Research 
Profit 