Component 1- 02. Entrepreneurs

What is an enterprise?

A business or a company and the willingness to take risks to undertake a new venture and show initiative with a view to gain rewards

What is an SME?

Small and medium enterprises- characterised by the number of employees and turn over.<250 employees <£50m turnover

What are entrepreneurs and what do they do?

Individuals thast take risks to creare or start a new business or project. They have an idea and try to make it work, they see resources available and possibilities of combining them in order to provide a product or service, create a new business, create change and challenge, find and create new markets, generate income.

Key characteristics of an entrepreneur

• risk taker

• hard working

• passionate

• organised

• creative

• proactive

• innovate

• determind

What are some industrial sectors and what do they do 

Primary- fishing farming mining and forestry 

Secondary- factories textiles and cars 

Tertiary- hairdressing banking insurance and retail 

What are 4 benefits to the government of new businesses setting up in the uk economy?

• Reduce unemployment 

• increasing tax revenue 

• creates competition (leading to choice) 

• money kept locally within the uk 

What does the primary sector offer? 

Provides the food we need, farming, supplying the power we use through mining or extracting oil from the north sea. 

What does the secondary sector offer?

Provide us with consumer goods; manufacturing cars, processing food, making clothes, designing and producing consumer electronics.

What does the tertiary sector offer?

private companies provide gyms, offering financial advice, operating fleets of buses and trucks, prepare marketing campaigns and more.