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

1. Enterprise
Business Studies
(A Level)

2. An organisation whose purpose
is to produce goods and
services.
(Definition)

3. Primary
Sector
Secondary
Sector
Tertiary
Sector

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. 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. Tertiary sector are made up of private
companies that provide services.
 Offering financial advice
 Gyms
 Public Transport
 Marketing Campaigns

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. SME stands for Small and
Medium – sized Enterprises.
(Definition)

9. What people REQUIRE to survive
(Definition)
Education
Healthcare
Security
Being Safe
Examples:
Food
Warmth
Shelter
Clothing

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. 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. Putting a new idea or approach
into action.
(Definition)

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. An individual with a flair for
business opportunities and risk
taking who sets up a new
business.
(Definition)

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