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Learn: Purpose of Business
AQA GCSE Business 8132
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Welcome!Today we'll explore the purpose of business. You'll learn why businesses exist and what they aim to achieve. Let's get started!
What is the Purpose of Business?A business exists to produce goods (physical products like bicycles) or services (activities like haircuts). Businesses aim to meet people's needs (essential items like food) and wants (non-essential luxuries like holidays).
Quick check: What is one purpose of a business?
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EntrepreneurshipAn entrepreneur is someone who starts a business. They often have qualities like risk-taking (willing to take chances), organisation (keeping tasks in order), and vision (seeing opportunities).
Which of the following are traits of an entrepreneur? (Select all that apply)
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Motivations for EntrepreneurshipEntrepreneurs may start businesses for reasons like profit (to make money), independence (being their own boss), or to fulfil a personal passion (creating something they love).
Entrepreneurs often start businesses to earn {{blank0}} and gain {{blank1}} over their work lives.
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Types of BusinessBusinesses can operate as different structures:Sole trader: One person owns and controls the business.Partnership: Two or more people share ownership.Private limited company (Ltd): Owned by shareholders, shares are not sold publicly.Public limited company (Plc): Shares are sold to the public.Not-for-profit organisations: Focused on social goals rather than earning profit.
Match the items on the left with their correct pairs on the right
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Review Time!Great job! We've covered the purpose of business, entrepreneurship, motivations, and types of business. Let's review what you've learned.
Which of the following are purposes of a business? (Select all that apply)
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What is one key trait of an entrepreneur?
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A {{blank0}} business sells shares publicly, while an {{blank1}} business focuses on social goals.
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Match the items on the left with their correct pairs on the right
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