1. 1.3.1 Objectives when starting up
What do they want to achieve?
A premier league football club
A contestant on “The Weakest Link”
A NHS hospital
The RSPCA
A mother elephant in Africa
An amateur theatrical society
A window cleaner
Confused.com
Subway
Do they have just one objective or many?
In teams take one of the above examples and list as many objectives as you can think of.
Try and place these in order of importance
1.3.1 Objectives when starting up
1.3.1 Objectives when starting up

2. 1.3.1 Setting personal objectives
Individuals have two categories of objectives that they look for when starting up a business
Financial objectives
Non-financial objectives
This unit is about the personal objectives of entrepreneurs
1.3.1 Objectives when starting up

3. Types of personal objectives
A personal objective is a goal that an individual wants to achieve
Personal objectives will vary from one individual to another e.g.
an individual may want to survive in the first year of business
they may want to gain more customers
An individual might set different objectives for the short, medium and long term
On a piece of A4 paper list your objectives for the
short, medium and long term
1.3.1 Objectives when starting up

4. Types of personal objectives
Financial
Survival
The ability to continue to exist in business
Need enough money to pay expenses
Profit/Income
To receive more money in sales than the costs
Financial security
Having enough money to provide a good standard of living
Wealth
To invest in personal assets such as a car and a house
Are there any businesses in your local area that have failed to survive?
What do you think has happened to the owner in financial terms?
1.3.1 Objectives when starting up

5. Types of personal objectives
Non-financial
Personal satisfaction
The extent to which an individual achieves happiness and fulfilment
Challenge
Taking control of your own vocation
Wish to pursue ones own interests
To help others
Social enterprises will seek to benefit other people
Starting a charity
1.3.1 Objectives when starting up

6. Using personal objectives to measure success
How can an individual use personal objectives to measure success?
Look at the list of personal objectives on the left. Which one is the most important in measuring the success of an individual? Place a number from 1 to 7 next to the objective (1 = most important, 7 least important). Is this your personal view?
Personal Objective
Importance?
Survival
Profit
Financial security
Wealth
Personal satisfaction
Challenge
To help others
1.3.1 Objectives when starting up

7. MULTIPLE CHOICE
1. Which two of the following are the most likely reasons why an individual would want to start a business?
Select two answers.
□ A To have a quieter life
□ B To pay more national insurance
□ C To meet legal requirements
□ D To be their own boss
□ E To make a profit
1. D 2. E
1.3.1 Objectives when starting up 7