what is enterprise?
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Specification:
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2.1_what_is_enterprise.pptx | |
File Size: | 2108 kb |
File Type: | pptx |
2.1_what_is_enterprise_starter_actvity.docx | |
File Size: | 35 kb |
File Type: | docx |
2.1_what_is_enterprise_actvity__1_.docx | |
File Size: | 3653 kb |
File Type: | docx |
Take a look at this clip from Dragon's Den. Why won't the Dragons invest?
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Three of the main skills needed to be an entrepreneur are risk taking, showing initiative and having a willingness to undertake new ventures. But there are lots more qualities needed to be a successful business person. Try to think of some on your worksheet.
Key term: RISK - the chance of damage or loss occurring as a result of making a decision.
Being enterprising has an element of risk. There are so many things that can wrong when setting up a business. Entrepreneurs have to be prepared to take this risk. What things do you think could go wrong when you set up a business?
CALCULATED RISK
A good entrepreneur knows that sometimes they will make a loss but they should have planned for this and tried hard to minimise its impact upon the business – they have to make calculated risks.
If asked to flip a coin and to get ten tails in a row you would be foolish to bet upon this outcome as it has odds of 1,024 to 1.
Entrepreneurs will have to weigh up the levels of risks involved in a decision. Should they invest huge sums of money in something totally untried and new – does market research tell them there is a gap in the market / have they got a product or service that satisfies consumer needs?
Entrepreneurs accept that they will make mistakes but a good business person will learn from these errors and use them to make the business stronger.
CALCULATED RISK
A good entrepreneur knows that sometimes they will make a loss but they should have planned for this and tried hard to minimise its impact upon the business – they have to make calculated risks.
If asked to flip a coin and to get ten tails in a row you would be foolish to bet upon this outcome as it has odds of 1,024 to 1.
Entrepreneurs will have to weigh up the levels of risks involved in a decision. Should they invest huge sums of money in something totally untried and new – does market research tell them there is a gap in the market / have they got a product or service that satisfies consumer needs?
Entrepreneurs accept that they will make mistakes but a good business person will learn from these errors and use them to make the business stronger.
Being enterprising involves showing initiative. This means making the first move and making things happen. If nobody ever showed initiative, nothing would ever get done and the business wouldn't get up and running.
A willingness to undertake new ventures is part of being enterprising. You have to be on the lookout for new opportunities or other businesses will gain a competitive advantage.
Entrepreneurs and their businesses offer either goods or services. We have looked at this before.
Key term: GOODS - Physical, tangible products like a car, pair of scissors or a TV.
Key term: SERVICES - Non-physical, intangible products like a taxi journey, hair cut or TV programme.
Key term: GOODS - Physical, tangible products like a car, pair of scissors or a TV.
Key term: SERVICES - Non-physical, intangible products like a taxi journey, hair cut or TV programme.
You are going to deliver your own Dragon's Den pitch to the rest of the class. You will have the remainder of this lesson and part of next lesson to plan your good or service and a pitch you will deliver to the class.
dragons_den_pitch_planner.ppt | |
File Size: | 215 kb |
File Type: | ppt |