Enterprise1
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Here are suggested answers to the questions: 1. Enterprise refers to the process of setting up and running a business or businesses, taking on financial risks in the hope of profit. 2. Being willing to take risks is important for developing a successful business as starting and growing a business involves uncertainty. Entrepreneurs must be prepared to take calculated risks in areas such as developing new products, expanding into new markets and making large investments and financial commitments in order to achieve growth. Without a willingness to take risks, many new business opportunities would not be pursued. 3. Three reasons why an individual might want to become an entrepreneur are: - To pursue their business ideas and have more control over their work - To potentially
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Entrepreneurship is the ability and readiness to develop, organize and run a business
enterprise, along with any of its uncertainties in order to make a profit. The most prominent
example of entrepreneurship is the starting of new businesses.
What Is Entrepreneurship
In economics, entrepreneurship connected with land, labour, natural resources and capital
can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and
is an indispensable part of a nation’s capacity to succeed in an ever-changing and more
competitive global marketplace.
Meaning of Entrepreneur
The entrepreneur is defined as someone who has the ability and desire to establish,
administer and succeed in a startup venture along with risk entitled to it, to make profits. The
best example of entrepreneurship is the starting of a new business venture. The
entrepreneurs are often known as a source of new ideas or innovators, and bring new ideas
in the market by replacing old with a new invention.
It can be classified into small or home business to multinational companies. In economics, the
profits that an entrepreneur makes is with a combination of land, natural resources, labour
and capital.
In a nutshell, anyone who has the will and determination to start a new company and deals
with all the risks that go with it can become an Entrepreneur.
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It is classified into the following types:
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plumber, electrician, etc. These people run or own their own business and hire family
members or local employee. For them, the profit would be able to feed their family and not
making 100 million business or taking over an industry. They fund their business by taking
small business loans or loans from friends and family.
Scalable Startup EntrepreneurshipThis start-up entrepreneur starts a business knowing that their vision can change the world.
They attract investors who think and encourage people who think out of the box. The research
focuses on a scalable business and experimental models, so, they hire the best and the
brightest employees. They require more venture capital to fuel and back their project or
business.
Large Company EntrepreneurshipThese huge companies have defined life-cycle. Most of these companies grow and sustain by
offering new and innovative products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build pressure for large companies
to create an innovative product and sell it to the new set of customers in the new market. To
cope with the rapid technological changes, the existing organisations either buy innovation
enterprises or attempt to construct the product internally.
Soci
500 Word Essays About Entrepreneurship and Its Types
Entrepreneurship, often hailed as the backbone of economic growth and innovation, is a dynamic and multifaceted concept that involves the identification and exploitation of opportunities to create value. Entrepreneurs, fueled by a combination of vision, passion, and resilience, play a pivotal role in shaping industries, fostering economic development, and driving societal progress.
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2. It describes several government institutions that provide funding, guidance and other support to entrepreneurs such as SIDBI, NABARD, and EXIM Bank of India.
3. The document also discusses the types of capital required for a new business including fixed capital for long-term assets and working capital for short-term operational needs, as well as sources of financing for each.
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This lesson will teach you the basics of entrepreneurship beginning with what role it plays in society and the economy. You will also know key concepts of common and core competencies which are required skills to become a successful entrepreneur. You will be able to understand the pros and cons of being an entrepreneur as compared to being an employee. A total persona of an entrepreneur will be included to you, including the characteristics, behaviors, activities, values, and mindset. Last, you will be exposed to the various exciting career opportunities in line with being an entrepreneur.
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Concept of Entrepreneurship
Entrepreneurship is the ability and readiness to develop, organize and run a business
enterprise, along with any of its uncertainties in order to make a profit. The most prominent
example of entrepreneurship is the starting of new businesses.
What Is Entrepreneurship
In economics, entrepreneurship connected with land, labour, natural resources and capital
can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and
is an indispensable part of a nation’s capacity to succeed in an ever-changing and more
competitive global marketplace.
Meaning of Entrepreneur
The entrepreneur is defined as someone who has the ability and desire to establish,
administer and succeed in a startup venture along with risk entitled to it, to make profits. The
best example of entrepreneurship is the starting of a new business venture. The
entrepreneurs are often known as a source of new ideas or innovators, and bring new ideas
in the market by replacing old with a new invention.
It can be classified into small or home business to multinational companies. In economics, the
profits that an entrepreneur makes is with a combination of land, natural resources, labour
and capital.
In a nutshell, anyone who has the will and determination to start a new company and deals
with all the risks that go with it can become an Entrepreneur.
What are the 4 Types of Entrepreneurship?
It is classified into the following types:
Small Business EntrepreneurshipThese businesses are a hairdresser, grocery store, travel agent, consultant, carpenter,
plumber, electrician, etc. These people run or own their own business and hire family
members or local employee. For them, the profit would be able to feed their family and not
making 100 million business or taking over an industry. They fund their business by taking
small business loans or loans from friends and family.
Scalable Startup EntrepreneurshipThis start-up entrepreneur starts a business knowing that their vision can change the world.
They attract investors who think and encourage people who think out of the box. The research
focuses on a scalable business and experimental models, so, they hire the best and the
brightest employees. They require more venture capital to fuel and back their project or
business.
Large Company EntrepreneurshipThese huge companies have defined life-cycle. Most of these companies grow and sustain by
offering new and innovative products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build pressure for large companies
to create an innovative product and sell it to the new set of customers in the new market. To
cope with the rapid technological changes, the existing organisations either buy innovation
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The benefits of entrepreneurship extend beyond the businesses they establish. Entrepreneurs improve the lives of individuals and communities, as well as the overall economy. Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional.
Lesson 1 .pdf
Entrepreneurship involves starting and running a new business, which is often a small business initially. An entrepreneur takes on the risks of starting a new venture to potentially profit from their ideas. There are four main types of entrepreneurship: small business, scalable startups, large companies developing new products, and social entrepreneurship focused on social needs over profits. Successful entrepreneurs tend to be willing to take risks, innovative in creating new ideas and processes, and have a clear long-term vision for their business combined with strong leadership and flexibility.
Enterprise
The document discusses key concepts related to enterprise, including the definition of enterprise as the process of forming new businesses and bringing new products and services to market, usually led by entrepreneurs. It defines entrepreneur skills and characteristics of successful entrepreneurs, such as determination, passion, seeing and taking advantage of opportunities, relevant expertise, vision, creativity, risk-taking, and motivation. Examples provided include profiles of Bill Gates and Alan Sugar and their paths to entrepreneurial success through Microsoft and Amstrad, respectively.
Kuching | Jan-15 | Entrepreneurship as a Vehicle to Encourage Grass Roots Inn...
Given by Howard Alper
The second in our series of workshops designed to gather input from stakeholders involved in existing off-grid projects in Africa, Asia and Latin America. This event is workshop scheduled to be held in Malaysia for the ASEAN countries will be organised by the Academy of Sciences Malaysia (ASM) in collaboration with Universiti Malaysia Sarawak (UNIMAS).
Entrepreneurship, Innovation
ENTREPRENEURship Management
This document provides an overview of entrepreneurship and entrepreneurs. It defines an entrepreneur as someone who starts and runs a business or organization, developing a business plan, obtaining financing, and hiring employees. Entrepreneurship involves innovation, risk-taking, and identifying market opportunities. Successful entrepreneurs often differentiate their ventures through innovation, product uniqueness, and focusing on niche markets. Government policies can encourage entrepreneurship and economic growth by supporting small businesses and creating incentives for new ventures.
Cb12e basic ppt ch01
This document provides an overview of key concepts in business, including:
1) It distinguishes between for-profit and not-for-profit organizations and identifies the four factors of production.
2) It describes the private enterprise system and highlights six eras in U.S. business history from colonial times to today's relationship era.
3) It explains how today's business workforce is changing and the nature of work is evolving, and identifies skills needed for 21st century managers.
ENTREPRENEURSHIP.pptx
The document discusses entrepreneurship, including theories, types, and qualities of entrepreneurs. It provides definitions of entrepreneurship and outlines several theories that attempt to explain it, such as economic, sociological, innovation, and psychological theories. It then describes different types of entrepreneurship, including administrative, opportunistic, acquisitive, incubative, imitative, private, public, individual, and mass entrepreneurship. Finally, it lists 25 qualities of successful entrepreneurs, including discipline, confidence, creativity, determination, passion, flexibility, leadership, and risk-taking ability.
11.1.1 - Role of business
Businesses play a crucial role in society by satisfying needs and wants through the production and sale of goods and services. They are organized efforts that seek to make a profit. Businesses benefit society in several key ways:
They provide employment, incomes, and economic growth. Many businesses hire employees who receive wages or salaries, while business owners earn profits that contribute to their incomes. Overall, businesses play a large role in the economy.
Businesses also offer consumers choice through competition. With many businesses producing similar goods and services, consumers have options to choose from regarding brands, prices, and features. This competition drives innovation as businesses seek to develop new products and services.
However, operating a business takes risk. Ent
(GCF2007) ICT as a Driver of Innovation and Entrepreneurship
The document outlines Kenneth Morse's presentation at the 1st Global Competitiveness Forum on ICT as a driver of innovation and entrepreneurship. The presentation discusses desired outcomes of fostering entrepreneurship in Saudi Arabia through partnerships between government, businesses, and startups. It provides examples of technology adoption rates and opportunities for latecomer startups. Key factors for entrepreneurial success are identified. The presentation concludes with a discussion of trends in corporate venturing and partnerships between large firms and startups to drive productivity.
Fundamentals of Entrepreneurship
The document discusses theories of entrepreneurship including economic, sociological, cultural values, psychological, innovation, and Harvard school theories. It provides details on the economic theory which links entrepreneurship and economic growth. The sociological theory notes social factors like culture, values, and customs influence entrepreneurs. The innovation theory posits entrepreneurs drive growth through new products, production methods, markets, resources, and organization. Overall, the document examines different perspectives on what drives entrepreneurship.
Ildem Glf Innovation Presentation
The document discusses innovation in Turkish small and medium enterprises (SMEs) in the textile industry. It provides an overview of innovation and what is needed for successful innovation, including having a committed CEO and innovation officer. It also notes the uncertainty that accompanies innovation. The document then discusses a specific Turkish textile brand called T-Box that has achieved innovation through new product concepts and packaging, marketing strategies, and a business model that changes supply chain management. The CEO's vision for T-Box focuses on design innovations using new technologies and marketing innovations to constantly engage with customers.
Entrepreneurship and intrapreneurship
The document discusses entrepreneurship and intrapreneurship. It defines entrepreneurship as seeking opportunities to create new things and exploiting those opportunities to start new businesses. Intrapreneurship refers to behaving entrepreneurially within an existing company. The document outlines key activities of entrepreneurs like identifying opportunities and exploiting them. It provides examples of successful entrepreneurs like Tony Tan Caktiong of Jollibee and Bill Gates of Microsoft. It also discusses how companies can foster intrapreneurship through policies like allocating resources and time for innovative projects. Overall, the document compares entrepreneurs and intrapreneurs while outlining strategies for organizations to promote entrepreneurial behavior.
Lesson 1.pptx
The document discusses topics related to entrepreneurial innovation that will be covered in an academic course, including:
- Defining entrepreneurship and an entrepreneur's role in innovating and taking risks.
- Characteristics, importance, and process of entrepreneurship.
- Classifying entrepreneurship into social, small business, and large company types.
- Explaining innovative entrepreneurship and its importance in adapting to markets.
- Key skills, tips, and types of innovative entrepreneurs.
Entrepreneurship PPT.pptx
This document discusses entrepreneurship, including defining entrepreneurship as taking action to solve problems or advance society. It also discusses the importance of entrepreneurship in creating jobs, driving innovation, and improving standards of living. The document outlines key entrepreneurial qualities like being disciplined, confident, and having strong people and work ethic skills. It also discusses the importance of innovation and creativity for entrepreneurship and business success.
Entrepreneurship Introduction
The document discusses entrepreneurship and provides definitions and explanations of key concepts related to entrepreneurship including the meaning of entrepreneurship, importance of entrepreneurship, entrepreneurial qualities, types of entrepreneurs, and differences between entrepreneurs, businessmen, and managers. It also covers topics such as creativity and innovation, invention vs innovation, research and development, intrapreneurship, and traits of successful entrepreneurs.
eshipModule Dekh bhai me bevkuf nhi 15 din se PPT gungan sun rhi.. Bhejna h t...
Dekh bhai me bevkuf nhi 15 din se PPT gungan sun rhi.. Bhejna h toh 12pm tak bhej dena.. Warna presentation khud hi de de.. You've wasted my time.. Mene apni self respect nhi dekhi teri aur Meri frndship ke liye.. Par ab I can't tolerate it anymoreDekh bhai me bevkuf nhi 15 din se PPT gungan sun rhi.. Bhejna h toh 12pm tak bhej dena.. Warna presentation khud hi de de.. You've wasted my time.. Mene apni self respect nhi dekhi teri aur Meri frndship ke liye.. Par ab I can't tolerate it anymoreAisa lag rha jaise self respect kho gyi h meriExplore the significance of mobile marketing strategies in reaching and engaging with today’s smartphone-dependent consumers.Manan Garg & group topic
implement a multi-channel digital marketing strategy by taking a hypothetical brand or product . What channels were included, and how were they integrated to maximize impact.
Somil jain & group
Discuss the importance of search engine optimization (SEO) in digital marketing and how it impacts website visibility with practical example .
Yashasvi & group
Explain the concept of pay-per-click (PPC) advertising and its role in driving targeted traffic to websites with practical visualisation .
Shruti & group
How can businesses use data analytics to measure the effectiveness of their digital marketing efforts and make informed decisions. Give the proforma of the digital analytics report.
Yashvardhan & group
Discuss the role of influencer marketing in today’s digital landscape and its impact on brand awareness and customer trust. Give example of any 5 influencers from different segments .
Prashansa
Explore the significance of mobile marketing strategies in reaching and engaging with today’s smartphone-dependent consumers.
Sanskar & group
How do emerging technologies such as artificial intelligence and virtual reality impact the future of digital marketing, and what opportunities do they present for businesses. Give example of any field
Pulkit & group
What are some best practices for optimizing conversion rates on e-commerce websites, and how do they contribute to overall sales growth?
Samiksha & group
What are the latest trends in content marketing, and how can businesses adapt their strategies to stay relevant?
Give example of 5 best content creators from real life world
Akhilesh & group
How can businesses leverage social media platforms for effective digital marketing campaigns. Present with the help of real life world examples .
Shantanu & group
What are some real-life examples of businesses ( 5) effectively leveraging user-generated content in their digital marketing efforts?
Yogita & group
Explain the concept of off page SEO & on page SEO with their working
Udiyeta & group
Explain how you measure the ROI (Return on Investment) of digital marketing campaigns in practice. What metrics do you track, and how do you analyze the data to assess performance? Explain with the help of real life expame or hypothetical performance .Sir nidh
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500 Word Essays About Entrepreneurship and Its Types
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Human resource management
Human resource management involves managing employees to help an organization achieve its goals. Workforce planning forecasts future human resource needs and translates them into required employee numbers and skills. An effective workforce plan involves forecasting needs short, medium, and long term; reviewing forecasts regularly; and considering external factors. Ineffective planning can cause problems like recruitment issues, inadequate training, and high turnover.
Measuring the effectiveness of a workforce
This document discusses key metrics for measuring workforce effectiveness:
1. Labour productivity is a ratio of output to number of employees and can be increased through training, technology, and HRM policies.
2. Examples show how improved productivity leads to lower costs per unit and higher profits.
3. Labour turnover, absenteeism, and health and safety rates are also discussed as important metrics to monitor and strategies to improve workforce satisfaction.
Improving organisational structures
The document discusses different roles in a business workforce and how they relate to each other. As a business grows, more defined roles emerge with Directors overseeing overall leadership and delegating responsibilities to Department Managers who coordinate specific departments and supervise teams. Team Leaders then coordinate their individual teams and report to supervisors. The document also covers key concepts around communication in a business such as different channels, whether communication is one-way or two-way, and vertical vs. lateral flows of information.
Measuring and increasing profit
The document discusses key finance concepts related to managing a business, including:
- Profit is revenue minus total costs, while profitability is a business's ability to generate profit efficiently.
- Net profit margin and return on capital are two common measures of profitability, calculated by comparing profit to sales or capital invested.
- Businesses can improve profitability by increasing prices, decreasing costs, or boosting sales volumes - though these strategies also carry risks if not implemented carefully.
- While profit and cash flow are related, a profitable business may still face short-term cash shortages due to investing profits back into the business or tying up capital in inventory, assets, or by extending credit to customers.
Improving cashflow
The document discusses causes of and solutions to cash flow problems for businesses. It identifies several common causes such as seasonal demand, overtrading, and poor management. It then outlines five main ways to improve cash flow - bank overdrafts, short-term loans, factoring, selling assets, and sale and leaseback of assets. Each option is explained with benefits and drawbacks. The document also provides exercises for students to identify causes of cash flow problems and suggest solutions in case studies.
Budgets
This document discusses budgets and variance analysis for managing a business. It defines a budget as a financial plan covering income and expenses. Variance analysis is the process of comparing actual budget outcomes to planned figures to identify favorable and unfavorable variances. The document provides examples of calculating variances for income, expenses, and profit budgets and interpreting the variances to understand factors that led to differences from the planned budget.
Employing people
Businesses employ people for several reasons: entrepreneurs cannot do all tasks alone, businesses can meet increasing demand by hiring more employees, and many businesses require specialized expertise. There are different types of employees including permanent or temporary, and full-time or part-time. Temporary employees are hired for a fixed term and may leave without notice, while permanent employees have long-term contracts and rights like paid holidays. Full-time employees work over 30 hours per week while part-time employees work less than 30 hours per week. While hiring employees provides benefits, it also introduces costs and challenges for businesses related to wages, legislation compliance, effective management, and dealing with employee absence.
Locating the business
Three key factors influence business location: technology, costs, and infrastructure. Technology has advanced rapidly with mobile devices, internet, and teleworking. Costs, including land, labor, and transportation, are important to minimize for start-ups and small businesses. Infrastructure such as transportation links, utilities, and basic services are essential for companies. Other factors businesses consider are the market, qualitative factors like quality of life, and for small businesses specifically, local demographic and economic conditions.
Understanding markets
The document discusses markets and market concepts. It defines a market as a place where buyers and sellers come together, traditionally physically but now also through online means. It describes different types of market classifications including geographical markets that can be local, national, or international. It also discusses physical markets that involve in-person interaction versus non-physical electronic markets. The document then covers key market concepts like demand, factors that influence demand, market segmentation, benefits and drawbacks of segmentation, market mapping, and defines market size, growth, and share.
Market segments
Market segments are defined as groups of customers within a market that have similar needs and buying habits. Businesses segment their markets based on customer characteristics like age, gender, income, location, ethnicity, religion, and occupation to better target specific groups. The document provides examples of how a class could be segmented by attributes like birth month, location, ethnicity, language, and gaming console preference, as well as definitions of common socio-economic groups used for segmentation.
Marketing and the market
Marketing identifies and satisfies customer needs and wants in a way that benefits both the customer and organization. A market is where buyers and sellers interact, and can be measured by size, growth, and market share. Analyzing markets involves quantitative examination of statistics and qualitative consideration of reasons behind actions. Market segmentation classifies customers into groups that respond differently to products or marketing, allowing firms to discover their target consumers and why they buy. Reasons for segmentation include increasing market share and aiding new product development.
Stakeholders1
The document discusses stakeholders, which are people or groups with an interest in the success of a business. Stakeholders can be internal, such as employees and managers, or external, such as customers, suppliers, the local community, and government. The document outlines various stakeholder groups and their interests in the success or failure of the business, as well as potential conflicts that can arise between stakeholders with differing objectives.
Conducting start-up Market Researh
Market research involves the systematic collection and analysis of information to assist marketing decisions. It has four main purposes: descriptive, explanatory, predictive, and exploratory. There are two main types of market research: primary research which collects new data, and secondary research which uses existing data. Primary research methods include surveys, experiments, observation, and focus groups.
Making investment decisions
This document discusses key concepts for making investment decisions, including investment appraisal techniques like payback period, average rate of return, and net present value. It explains how to calculate and interpret each technique, along with their advantages and disadvantages. The document also covers investment criteria, risks and uncertainties, and qualitative influences that should be considered alongside quantitative factors when evaluating investments.
Selecting financial strategies
Here are the answers to the questions:
1. A financial strategy is a long term plan of action to achieve the financial objectives of a business.
2. Decisions about financial strategies should be taken carefully because they involve committing large amounts of money and resources over an extended period of time. Getting these decisions wrong could negatively impact the long term viability of the business. Careful consideration needs to be given to factors like potential costs and benefits, opportunity costs of alternatives, and how strategies align with the overall objectives of the business.
3. A chain of high street coffee shops like Costa Coffee might choose to operate each shop as a profit centre to help monitor and improve financial performance at an individual shop level. Operating shops as profit centres
Interpreting published accounts
Ratio analysis involves calculating and comparing financial ratios to assess a company's performance and financial position. There are five main types of ratios: liquidity, profitability, efficiency, gearing, and shareholders' ratios. Ratios provide a framework to compare a company's performance over time, between divisions, and against industry peers. However, ratios only show one part of a company's overall situation and financial statements can sometimes be manipulated, so ratio analysis must be considered alongside other information.
Understanding financial objectives
The document discusses key financial concepts such as balance sheets, income statements, assets, liabilities, working capital, and depreciation. It explains that a balance sheet records a business's assets and liabilities on a given date, and must always balance. It also discusses how to interpret balance sheets and income statements to analyze a business's short-term and long-term financial positions. Key metrics like working capital, depreciation, and different types of profit are defined. The document aims to explain how to analyze and use financial data for decision making and performance evaluation.
Understanding financial objectives
The document discusses how to analyze balance sheets and income statements to understand a business's financial objectives and performance, examining assets, liabilities, revenues, expenses, profits, and using financial data for comparisons over time and between businesses. It also notes some strengths and limitations of relying solely on financial statements to judge a business.
Financial objectives
Financial objectives are goals set by a company's finance department to achieve specific targets related to profitability, cash flow, costs, and returns within a set timeframe. Common financial objectives include return on capital employed targets, shareholder returns targets, cost minimization targets, and cash flow targets. Financial objectives are influenced internally by a company's corporate objectives and resources, and externally by factors like the market, competitors, and suppliers.
Intro financial objectives
The document discusses functional objectives and strategies as well as financial objectives and their influences. It defines key terms like profit, cash flow, and return on capital employed. It states that financial objectives are goals set by a business's finance department to achieve specific targets related to returns, costs, and cash flow. Financial objectives are influenced internally by corporate objectives and management priorities, and externally by competitors, financial markets, and economic conditions. The document provides examples of common financial objectives like return on capital employed targets and cash flow goals.
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Enterprise1
- 1. Enterprise BUS1
- 3. Key words Enterprise: process by which new businesses are formed and new products are formed and new products and services are created and bought to the market. Enterprises are usually lead by entrepreneurs. Enterprise skills: skills that allow an individual or organisation to respond effectively to changing market situations. Entrepreneurs: individuals who have an idea that they develop by setting up a new business and encouraging it to grow.
- 4. Characteristics of a successful entrepreneur • Determination and persistence • Passion • The ability to spot and take advantage of opportunities • Relevant skills and expertise • Vision, creativity and innovation • Motivation to succeed and not be daunted by failure • Willingness to take risks
- 5. Bill Gates • Founder of Microsoft • Dropped out of Harvard University less than halfway through his IT degree • His drive, imagination, business acumen and obsession for detail turned Microsoft into one of the worlds most successful companies and him into one of the richest men in the world!
- 6. Opportunity Cost The ‘real cost’ of taking a particular action or the next best alternative. (the next best thing that you could have chosen but did not)
- 7. This is a vital concept in business because there are always alternative decisions that could be made. Example: If the founders of Innocent Drinks had decided to remain in their original jobs rather than pursuing the smoothie venture, the opportunity cost would have been the chance they had of developing a highly successful business and the large amount of wealth they subsequently made
- 9. Alan Sugar • From a working class family in London’s East-end • While still at school he made more money than his father through enterprising projects • Founded ‘AMSTRAD’ then he was 21. The company began as a general importer/exporter and wholesaler, but soon specialised in consumer electronics • Former owner and chairman of Tottenham Hotspur football club • Host of The Apprentice UK • Net worth of £770million
- 10. Government support for enterprise and entrepreneurs New and more dynamic A strong entrepreneurial base businesses increase competitive is crucial for encouraging pressures in markets, and growth and prosperity in a facilitate the introduction of new modern economy ideas and technologies and more efficient working practices A successful enterprise culture, This forces existing businesses to in the form of small and increase their efficiency in order medium-sized enterprises to stay in the market- any (SMEs) boosts an economy’s efficiency gains can be passed on productivity by increasing to consumers through lower competitive pressure. prices and greater choice!
- 11. The government has introduced measures to make it easier to start up and run a business, and to support growing business: • Reducing business taxes • Reducing regulations on enterprises • Reducing barriers to raising finance for small businesses • Encouraging business start-ups in economically deprived regions • Introducing legislation to encourage competition • Funding projects • Reviewing how to encourage unemployed people into self- employment
- 13. Questions Q1. Define the term ‘enterprise’ (2marks) Q2. Explain why the ability to take risks is important in developing a successful business (4marks) Q.3 Suggest three reasons why an individual might want to become an entrepreneur (3marks) Q4. Why are an enterprising culture and people with entrepreneurial skills important for the UK economy? (5marks)