1. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Section 2 Showing enterprise

2. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Asking why. Asking why not. Thinking creatively. Doing something, rather than just talking about it. Showing initiative. Being willing to take calculated risks. Showing enterprise involves…

3. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall The skills required when starting a business may depend on whether it is going to produce a good or a service. In what ways…?

4. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Skills required? Services:Goods:

5. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Creative thinking means coming up with new ideas. It involves asking ‘Why?’ and ‘Why not?’ Businesses should manage creativity by encouraging staff to share good ideas. Creativity can make a competitive advantage for businesses. Creative thinking can be developed … but how? Creative thinking is important

6. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Developing deliberate creativity Four steps: 1.Gather data on an existing product. 2.Ask ‘How could this be different?’ 3.Turn the best ideas into new products. 4.Launch new products on the market.

7. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Both involve coming up with new ideas: –invention: having a totally new idea that works in theory –innovation: putting a new idea into practice: -product innovation: new product ideas -process innovation:new ways of working. How can businesses protect new ideas? Invention and innovation

8. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Protecting business ideas Patent: makes it unlawful for anyone to copy an invention for up to 20 years. Copyright: means that a new piece of writing, drawing or music is automatically protected from being copied.

9. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall The main risks include: making sure you really know what the customer wants making sure that you can deliver what you promise getting the financing right. Enterprise is a risky business

10. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall These include: becoming wealthy taking a risk can be exciting greater control over what you do. Risks can yield rewards

11. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Clever business people must weigh up: the chances of success or failure the costs or benefits of success or failure the implications of success or failure for the business as a whole. Calculated risk

12. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall Other important enterprise skills An enterprising individual is one who can: think ahead make connections show initiative make decisions show leadership.

13. EDEXCEL BUSINESS for GCSE © 2009 Ian Marcousé and Naomi Birchall To conclude… Being enterprising requires more than creativity and a taste for risk. Few entrepreneurs have all the desirable skills and qualities. However, those that do not have any will struggle to succeed!