Lecture notes
Unit -1- Business Opportunities whole unit condensed notes
- Institution
- WJEC
Full unit notes with images and graphs
[Show more]
Seller
Follow
Content preview
,, Enterprise
Enterprise can have two meanings:
● Enterprise is another name for a business
● To be enterprising means to show initative and take risks in order to set up in business
SMEs – Small and Medium-Sized Enterprises ' Needs and Wants
● Small businesses ● Needs – things that we
● Can be measured in three ways; employees, turnover, balance sheet need to survive e.g. food,
water, shelter.
● Wants – things that we
would like to have e.g. nicer
clothes, new phone every
year.
Identify Business Opportunities
● Business opportunities occur when a market need exists
● Gap in the market
● Need for a product/service that doesn’t currently exist
● Current product/service needing improved
● Innovative ideas
● Creating more effective ways of operating e.g.comparethemarket.com
● Creating brand new products
● Change in the economy – Recession provides opportunities for discount stores e.g. B&M Bargins
● Change in technology – Development of Apps, E-commerce, Online banking
● Can arise through word of mouth
What is an Entrepreneur? Characteristics of an Entrepreneur
● Someone who starts and runs their own business ● Risk Taker
● Confident
Why do entrepreneurs start up businesses? ● Shows Initiative
● To make money ● Driven
● To turn a hobby into a business ● Innovative
● They have become unemployed ● Hard worker
● To be their own boss ● Determined
Importance of SME and Entrepreneurs to UK economy
● SME’s are known as the ‘life blood’ of UK economy and provide huge employment
● 99% of businesses in the UK are small i.e <50 employees
● Contribute taxes to government which pays for hospitals, street lighting etc
Sectors
● Primary - businesses who extract raw materials e.g. Farmers, Fishing etc
● Secondary – business who take raw materials and process them e.g.Chip shops, Car manufacturers
● Tertiary – businesses who provide a service. E.g. Accountants, Personal Trainers, Make up Artists
, Enterprise
Stakeholders
● A person who has an interest in a business, because they can affect of be affected by it’s activity.
Examples Stakeholder interests and how they conflict
● Owners ● Managers ——> Profit Maximisation
● Managers ● Employees ——> Higher Wages
● Employees ● Customers ——> Cheaper Products, High Quality
● Competitors ● Suppliers ——> Paid for their goods
● Bank
● Government
● Local Community
● Suppliers
● Customers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cm111222233333xxxx. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81849 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
