Summary
Summary Enterprise
- Institution
- WJEC
Summary of Enterprise.
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EnterpriseAn enterprise is when a person takes a risk to setup a business.
A business opportunity occurs when someone finds a product/service is lacking in the
market. Also, a business opportunity occurs when someone has sufficient funds available
to start a business.
Business sizes:
Micro = Fewer than 10 employees
Small = 10 – 49 employees
Medium = 50 – 249 employees
Large = 250+ employees
In the U.K there are mostly small to medium sized enterprises.
Needs – are basic necessities needed for survival. E.g., food, water, shelter
Wants – are things people desire to have. E.g., latest mobile phone, designer clothes
Opportunity cost – the cost of not choosing the next best alternative OR the next best
alternative foregone.
An entrepreneur is someone who starts and runs a business. he/she makes a product and
sells a product or a service. They also employ people and make profits.
Entrepreneurs’ motives:
Financial motives – may want to maximise profits.
Ethical stance – starting a business with the intention of helping others
Social entrepreneurship – create sustainable, profit making business that also
benefits the community
Independence and home working – want more freedom to work when and where
they please, perhaps around family or other commitments.
Provide a product or service which doesn’t currently exist in the market.
Why people want to become entrepreneurs
Control – make your own decisions
Be your own boss
Passion
Flexibility of working
Hobby
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