This document discusses business objectives and entrepreneurs. It defines the difference between business aims and objectives, noting that aims are goals while objectives are measurable targets for achieving those aims. Objectives should be specific, measurable, agreed upon, realistic, and time-bound. Common business objectives include survival, profit maximization, profit satisficing, and sales growth. The document also defines an entrepreneur as someone who exploits business opportunities despite risks of failure. Key characteristics of successful entrepreneurs are discussed, such as passion, planning, managing money wisely, promoting themselves, and creating competitive advantages. Motives for entrepreneurship mentioned include money, flexibility, control, teamwork, and legacy.

1. A-Level Edexcel Busin
ENTREPRENEURS &
LEADERS
MEETING CUSTOMER
NEEDS
1.1/ 1.5

2. Starter: What is a business
objective?
 List as many as possible

3. Difference between an objective
and an aim
 An aim is where the business wants to go in
the future, its goals. It is a statement of
purpose, e.g. we want to grow the business
into Europe.
 Business objectives are the stated,
measurable targets of how to achieve
business aims. For instance, we want to
achieve sales of €10 million in European
markets in 2004.

4. Business Objectives
 S – Specific – objectives are aimed at what the
business does, e.g. a hotel might have an objective of
filling 60% of its beds a night during October, an
objective specific to that business.
 M - Measurable – the business can put a value to the
objective, e.g. €10,000 in sales in the next half year of
trading.
 A - Agreed by all those concerned in trying to achieve
the objective.
 R - Realistic – the objective should be challenging, but
it should also be able to be achieved by the resources
available.
 T- Time specific – they have a time limit of when the

5. Main objectives
 Survival – a short term objective, probably for small
business just starting out, or when a new firm enters
the market or at a time of crisis.
 Profit maximisation – try to make the most profit
possible – most like to be the aim of the owners and
shareholders.
 Profit satisficing – try to make enough profit to keep
the owners comfortable – probably the aim of smaller
businesses whose owners do not want to work longer
hours.
 Sales growth – where the business tries to make as
many sales as possible. This may be because the
managers believe that the survival of the business
depends on being large. Large businesses can also
benefit from economies of scale.

6. Starter
 When you hear the word
‘entrepreneur’ what do you think
of?
 Bubble map.
ENTREPREN
EUR

7. Can you name any famous
entrepreneurs?

8. What is an entrepreneur?
 An entrepreneur is someone who is enterprising.
They…
 Takes the initiative in trying to exploit a business
opportunity
 Takes time to understand and calculate the risks
involved
 Makes an investment to set up the business
 Goes ahead, despite the risk that the business
venture might fail

9. Barriers that entrepreneurs
face?
 Lack of adequate finance
 Lack of education or training
 Time consuming
 Don’t have knowledge of the right
idea or concept
 Lack of leadership skills

10. What are the characteristics of an
entrepreneur?
 Discuss the characteristics in pairs.

11. What are the characteristics of an
entrepreneur?
 Passionate
 Take it seriously
 Plan everything in advance
 Manage money wisely
 Ask for the sale
 Remember its all about the
customer
 Shameless self promoter
 Project a positive business
image
 Get to know customers
 Level the playing field with
technology
 Become known as an expert
 Create a competitive
advantage
 Invest in yourself
 Be accessible
 Build a reputation
 Sell benefits
 Get involved
 Grab attention
 Master negotiations

12. Motives for entrepreneurship
Money Flexibility Control
Teamwork Legacy