Learn: What Enterprise Means

Welcome!Today, we’ll learn about enterprise and its importance in business. Let's explore step by step how entrepreneurs drive innovation and the economy.

What is Enterprise?Enterprise refers to the ability to take risks, show initiative, and develop new ideas to create or grow a business. It is a key driver of innovation and economic growth.

Role of EntrepreneursAn entrepreneur is someone who identifies an opportunity, takes risks, and starts a business. Entrepreneurs contribute to job creation, innovation, and the economy by offering new products and services.

Financial and Non-Financial MotivesEntrepreneurs are motivated by both financial motives like profit and non-financial motives such as independence, creating social impact, or pursuing a passion.

Small and Medium Enterprises (SMEs)SMEs are businesses with fewer than 250 employees. They are critical to the UK economy, providing employment and supporting local communities.

Business PlanningBusiness planning involves setting goals, researching the market, and preparing strategies for success. Plans typically include financial forecasts, marketing strategies, and operations plans.

Sources of Guidance for EntrepreneursEntrepreneurs can seek guidance from mentors, business networks, and organisations like the British Chambers of Commerce or government services such as Business Wales.

Review Time!Great work! You've learned about enterprise, the role of entrepreneurs, motives, SMEs, and business planning. Let’s test your understanding with a few final questions.