Primary sector is about providing
basic needs to customers
Provides Food - Farming
Supplies Power - Through mining
or extracting oil from the North Sea
Secondary sector are made up of private
enterprises that provide customer goods.
Designing and producing
They provide goods that help satisfy the consumers wants.
Tertiary sector are made up of private
companies that provide services.
Offering financial advice
There are almost 5 Million separate businesses,
employing a total of 24 Million people.
Of these 5 Million, over 3.3 Million are sole
There are around 500,000 businesses that are
There are 1.2 Million registered limited companies
SMEs employ around 14.4 Million people and have a
combined turnover of £1,600 Billion.
SME stands for Small and
Medium – sized Enterprises.
What people REQUIRE to survive
What people DESIRE, what they would like to have
Flat Screen TV
House with a pool
Needs and wants are not fixed due to fashion, lifestyle,
income and population change.
Therefore, markets are always changing and
opportunities are always arising.
Putting a new idea or approach
Improving Existing Goods
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
An individual with a flair for
business opportunities and risk
taking who sets up a new
Characteristics of an
Role of an Entrepreneur
• Risk Taker • Combine Resources
• Determined • Identify Opportunities
• Commitment • Take Risks
• Initiative • Make Decisions
• Self Confident