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Enterprise (Entrepreneur, Innovation, Business Sectors, SMEs)

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Business Studies - Enterprise
The aspects of enterprise are explained such as an entrepreneur, innovation, the different business sectors etc.

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Enterprise (Entrepreneur, Innovation, Business Sectors, SMEs)

  1. 1. Enterprise Business Studies (A Level)
  2. 2. An organisation whose purpose is to produce goods and services. (Definition)
  3. 3. Primary Sector Secondary Sector Tertiary Sector
  4. 4. Primary sector is about providing basic needs to customers  Provides Food - Farming  Supplies Power - Through mining or extracting oil from the North Sea
  5. 5. Secondary sector are made up of private enterprises that provide customer goods.  Manufacturing cars  Processing food  Making clothes  Designing and producing electronics They provide goods that help satisfy the consumers wants.
  6. 6. Tertiary sector are made up of private companies that provide services.  Offering financial advice  Gyms  Public Transport  Marketing Campaigns
  7. 7. There are almost 5 Million separate businesses, employing a total of 24 Million people. Of these 5 Million, over 3.3 Million are sole proprietors There are around 500,000 businesses that are partnerships. There are 1.2 Million registered limited companies SMEs employ around 14.4 Million people and have a combined turnover of £1,600 Billion.
  8. 8. SME stands for Small and Medium – sized Enterprises. (Definition)
  9. 9. What people REQUIRE to survive (Definition) Education Healthcare Security Being Safe Examples: Food Warmth Shelter Clothing
  10. 10. What people DESIRE, what they would like to have (Definition) Examples: Nicer Clothes Latest phone Flat Screen TV House with a pool Holidays
  11. 11. Needs and wants are not fixed due to fashion, lifestyle, income and population change. Therefore, markets are always changing and opportunities are always arising.
  12. 12. Putting a new idea or approach into action. (Definition)
  13. 13. Improving Existing Goods (PROCESS INNOVATION) Developing Goods (PRODUCT INNOVATION) Being innovative or providing traditional services allow you to identify business opportunities. Innovation is commonly described as ‘the commercially successful exploitation of ideas’ Successful Innovation = Filtering Ideas, Identify business focus, apply resources to exploit them
  14. 14. An individual with a flair for business opportunities and risk taking who sets up a new business. (Definition)
  15. 15. Characteristics of an Entrepreneur Role of an Entrepreneur • Risk Taker • Combine Resources • Determined • Identify Opportunities • Commitment • Take Risks • Initiative • Make Decisions • Hard-Working • Resilient • Creative • Self Confident

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