Summary Cambridge IGCSE and O Level Business Studies Notes CH#3
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Business studies
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Cambridge IGCSE and O Level Business Studies Study and Revision Guide 3rd edition
These hand written notes are perfect for your revision whether its for your upcoming exam or just to catch up with class. These simple yet comprehensive notes guarantee that no confusion will be left in your mind.
IGCSE business notes: section 2 people in business
Cambridge IGCSE and O Level Business Studies Notes CH#4
Cambridge IGCSE and O Level Business Studies Notes CH#3
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Business studies
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BUSINESS STUDIES (7115)
CH#3
Entrepreneur: a person who operates, organizes and rakes
the risk for a new business venture
Advantages of being an entrepreneur:
o Independence
o May become famous and successful
o Able to put own ideas into practice
o Profitable
o Use of personal interests and skills
Disadvantages of being an entrepreneur:
o Risk
o Use of own money and capital
o Lack of knowledge and experience
o Opportunity cost- lost income of not being and employee of
another business
Famous entrepreneurs:
o Mark Zuckerberg- US- Facebook
o Vera Wang- US- Fashion Designer
, Characteristics of entrepreneurs and why are they important?
Hardworking Might have to work long hours with
short holidays
Risk-taker Making decisions to produce
Creative New ideas to make product different
Optimistic Looking forward to a better future
Self- confident Necessary to convince people
Innovative Putting new ideas into practice in
different ways
Independent Will have to work on their own first
Effective- Will raise the profile of the new business
communicator
Business plan: a document containing the business
objectives and important details about the operations,
finance and owners of the new business
Business plan:
1. Description of the business
2. Products and services
3. The market:
o Total market size
o Predicated market growth
o Target market
o Analysis of competitors
o Predicted changes in the market in the future
o Forecast sales revenue from the product
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