GCSE Business Summary Notes on the topic Enterprise and Entrepreneurship, specifically designed for the Edexcel Exam Board but applicable to any study of business.
Reputation
Celebrity Endorsements
Economy
Competition
Dynamic Market
Politics and Trading
Raw Materials
Fashion Trends
Technology
Customer Needs
Market Gaps
Social Media/ Media
What is a business?
Businesses include charities e.g. Water Aid, individuals e.g. Apple and sports clubs e.g.
Liverpool Football Club.
How to start a business?
From home
Full time
Part time
As a social enterprise
As a non-profit business – address social and environmental issues. They employ people
and earn income to do this.
Qualities Needed:
Hard Working
Enthusiastic
Resilient
Risk Taker
Skills Needed:
Persuasive
Listener
Organised
Manager
Speaker
, Resources Needed:
1) Look for help and advice
2) Specialist knowledge and skill
Why start a business?
A person might want to be their own boss.
They might want to make their own decisions independently.
They might want to make money.
To work on their passions and dreams.
They might want a creative, rule free career.
They have a knack for business.
Why not start a business?
Unsteady income
Huge time and money investment
Satisfied with current situation
A 24/7 job
Stressful
Competitive
Risky
Bad reputation
Money to start a business
Write a business plan, this is a written statement of what is hoped to be achieved and what
money needs investing to make a profit. Raise capital, money that needs to be invested to
trial the business idea. This can come from banks, own funds, venture capitalists (investor
who is willing to take a risk in providing money for the business in return for a share).
Why do new business ideas form?
New business ideas come about as consumers change what they want:
Consumer taste changes over time e.g. skimmed milk instead of full fat milk.
The media or social media can affect tastes e.g. health scare regarding full fat milk.
Household income may go up or down e.g. less income means buying cheaper non-
branded milk.
Price can affect how many consumers want to buy a product, this is known as demand.
Effect of price on consumers wants
The price of a service or product will normally influence the demand. The higher the price,
of a product, the lower the demand. The lower the price of a product, the higher the
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