Summary Pearson Edexcel AS/A-Level Business Unit 1 - Marketing and People - 1.5 Entrepreneurs and Leaders
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Course
Unit 1 - Marketing and people (9BS0)
Institution
PEARSON (PEARSON)
This is a summary of section 1.5 of the Pearson Edexcel A-Level Business syllabus. The notes are organised according to the syllabus, split up under the headings: Role of the Entrepreneur; Entrepreneurial Characteristics and Motives; Business Objectives; Forms of Business; Business Choices; and Mov...
1.5.1 – Role of the Entrepreneur
Entrepreneur A person who spots an opportunity and shows initatte
and a willingness to take risks in order to beneft roo the
potental rewards
Innotaton A new idea or intenton which is launched onto the
oarket noroally with a tiew to fnancial gain
Risk The potental or loss by an entrepreneur when
undertaking a tenture to atain rewards
Uncertainty The inability to predict exactly what will happen in the
uture
1. Creatng and setng up a business
a. Idea Research Planning Financing Locaton Resources
Launch
2. Running and expanding/deteloping the business
a. Producing the good/sertice
b. Purchasing and stock oanageoent
c. Managing eoployees
d. Marketng
e. Financial oanageoent
3. Antcipatng risk and uncertainty in the business entironoent
Entrepreneurs take risks – they coooit resources that could be lost, both when they set the
business up and when they oake business decisions later. Entrepreneurs can
antcipate/oinioise risk bya
Carrying out oarket research
Using tools like probability/decision trees to assess and help theo decide between
alternatte intestoents
Atoiding intestoents with a low probability o success
By choosing intestoents that are relattely low cost
Risk is increased when entrepreneurs oake decisions in uncertain conditons. The business
entironoent is uncertain because etents can happen that are outside the business’ control,
e.g. a new coopettor entering the oarket, a change in the econooy. Business can try to
reduce uncertainty by analysing their external entironoent, e.g. using PESTE (Politcal,
Econooic, Social, Technological, Ethics/Entironoent). Businesses can plan or uncertain
etents, e.g. by oaking a contngency plan/back-up plan.
Barriers to entrepreneurshipa
Access to fnance
Lack o entrepreneurial capacity – know how/skills
Atersion to risk
Lack o ideas
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