Enterprise and entrepreneurship GCSE Business Studies is the first topic which we will cover in these sets of lessons. Watch each lesson then take the online tests I have prepare to make sure you have understood the topic.
1.1 Enterprise and entrepreneurship
1.1.1 The dynamic nature of business
Why new business ideas come about:
● changes in technology
● changes in what consumers want
● products and services becoming obsolete.
How new business ideas come about:
● original ideas
● adapting existing products/services/ideas.
1.1.2 Risk and reward
The impact of risk and reward on business activity:
● risk: business failure, financial loss, lack of security
● reward: business success, profit, independence.
1.1.3 The role of business enterprise
The role of business enterprise and the purpose of business
activity:
● to produce goods or services
● to meet customer needs
● to add value: convenience, branding, quality, design,
unique selling points.
The role of entrepreneurship:
● an entrepreneur: organises resources, makes business
decisions, takes risks.
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