An enterprise is the formation of a
new business or development of a
new product or service that will be
introduced into the market
What is an entrepreneur
An entrepreneur is someone who is willing
to take the risk in setting up a new business
they can be anyone eg.
Examples of some: Levi Roots,Steve
There are certain skills that they
will need to have eg. creative,hard
Why do businesses exist?
To produce goods,provide a service,help
others,meet the needs of society
sources of business ideas?
A market gap is an unmet consumer need. Gaps in the market
represent opportunities for companies to expand their
What is a niche?
A niche is a gap in the market
What is market research
Finding out what the customer wants
What already exists and how it can be improved
What is a business?
A business is an organisation that is set up to provide goods or
services to customers eg: the public,goverment or other businesses
Why start a business?
Reasons why some may want to start up thier own business:
To persue an intrest or hobby, to escape a boring job,to
provide a service, to be thier own boss
the primary sector
produces raw materials
the secondary sector manufactors goods
The tertiary sections provides
services such as selling goods
Business ownership structures
not that common
Less work, more money to put into the
business,more ideas and unlimited liability.
however the disadvantages are more
disagreements and less profit
Most small businesses
are sole traders
There is only one owner unlimited liability, would have
to work long hours and may have to sell personal
belongings to pay debts
Aims and objectives
Year 1: To survive
Year 2: Make profit
Year 3: Expand the business
A franchise is when one business (the franchisor) gives another person or business
(the franchisee) the right to trade using its name and to sell its products or provide
The franchisee normally pays a
licence fee and a percentage of
profit to the franchisor
Less chance of failure as the business is well
known ,help and support,big amounts of profit,
lots of customers.
You have to pay licence fees,its not your own business,training fees,you will have to give a percentage
of your profits to the franchisor also there are certain rules you have to follow that the franchisor sets.
Examples of franchises are new
look,primark,mcdonalds,kfc and many more well
know brands and shops