1. iGCSE Business Studies
1.3.1 Enterprise and Entrepreneurship

2. Learning Outcomes Characteristics of successful entrepreneurs
Contents of a business plan and how business plans assist entrepreneurs
Why and how governments support business start-ups, e.g. grants, training

3. Who are these people?

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

5. Skills V Qualities
Successful Entrepreneurs need to have certain qualities and skills. What is the difference between these?
Skills can be learned
Qualities come naturally and are part of a persons personality

6. Skill or Quality Initiative Organisation Thinking Ahead Flexibility
Do you think that the following are enterprise skills or qualities:
Initiative
Organisation
Thinking Ahead
Flexibility
Leadership Ability
Risk taking
Determination
Decision making
Creativity
Ability to persuade
Thinking ahead

7. Task - Qualities of Entrepreneurs
In pairs write a list of the qualities that an entrepreneur is likely to have
Join up with another pair. Compare your lists.
You must agree on the 5 qualities that you think are the most important. Rank them in order from 1 (most important) to 5
Come and write them on the board

8. Videos Watch the videos of successful entreprenueurs
Do you want to make any amendments to your list

9. Some widely quoted qualities of entrepreneurs……
Understanding of the market
Initiative
Creativity
Determination
Passion
Persuasive abilities
Risk Taking
Do you understand what all of these mean?
Do you disagree with any of these?

10. Business Plans

11. What is a Business Plan? A business plan is:
A report showing the plans of the business
The business plan describes out the market opportunities the business intends to exploit, how it will do so and what resources are required

12. Video Watch the video ‘How to write a business plan’
What are the main sections in a Business plan?

13. Video Watch the video ‘How important is a business plan?’
How does a business plan help entrepreneurs?

14. A business plan helps you to:
Clarify your vision and decide whether or not to go ahead with an idea.
Determine if your product and/or service has a sufficient market to support it and whether or not it will be profitable.
Estimate your start-up costs and how much you'll need to invest or finance.
Convince investors and lenders to fund your business.

15. Characteristics of good Busines Plans
Business plans are more effective if…
They are carefully researched
They contain detailed market analysis
They are used as a reference point for decisions
Actual performance is compared with objectives and objectives are regularly updated
They evolve over time to ensure that growth targets are realistic and challenging

16. Government Assistance for Start-ups

17. Research Task How can governments help business start-ups?
Why do you think governments want to encourage this?