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Unit -1- Business Opportunities whole unit condensed notes
- Institution
- WJEC
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,, 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
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