Enterprise and entrepreneurship

entrepreneur

an individual who has an idea for a new business and takes the financial risk of starting it

characteristics of successful entrepreneurs (3)

good at networking

results driven

self-confident

good at networking

they are prepared to learn from others

results driven

focused on achieving results and make sure products are sold for profit

self-confident

strong belief in their ability and ideas

business plan

detailed written document outlining the purpose and aims of a business

what is a business plan often used for

persuade leaders/ investors to finance a business proposal

business plan contains:

business opportunity

the market

objectives of the business

financial forecasts

how do business plans help entrepreneurs

persuade lenders (banks/investors) to provide finance to the business

gives the business a sense of purpose

enables business to monitor its progress

business start up

a newly formed business, usually start small

why do governments encourage business start-ups

.they benefit the economy

-job creation

-tax

-entrepreneur bring ideas for goods/services that increase the variety of products available leading to greater consumer choices