Explore
Learn: What Enterprise Means
WJEC Eduqas GCE A LEVEL in BUSINESS specification
Ready to start this lesson?
Sign in to track your progress. 14 steps including 6 interactive questions.
Sign In to Start Learning
Students also studied
Browse allSteps in this lesson (14)
Welcome!I've looked at your growth areas and created this lesson to help strengthen your understanding of enterprise. We'll explore what enterprise means, the role of entrepreneurs, and why it is essential for business success.
What is Enterprise?Enterprise refers to the process of identifying business opportunities, taking risks, and organising resources to create and grow a business. It involves creativity, innovation, and a willingness to take calculated risks to achieve business goals.
Why is Enterprise Important?Enterprise is essential because it drives economic growth, creates jobs, and introduces new products or services to the market. Entrepreneurs help solve problems by addressing gaps in the market and improving competition.
Quick check: What does enterprise primarily involve?
Start the lesson to answer this multiple choice question
The Role of EntrepreneursEntrepreneurs play a key role in enterprise. They are individuals who identify business opportunities, develop ideas, and take risks to start and manage businesses. Their creativity and innovation help introduce new products and services to the market.
Motives for EntrepreneursEntrepreneurs have financial motives, such as earning profit, and non-financial motives, such as personal satisfaction, independence, or contributing to society. These motives drive their decisions and actions.
Entrepreneurs take {{blank0}} to create and grow businesses, and they often innovate by introducing {{blank1}} products or services.
Start the lesson to answer this fill in the blank question
Small and Medium Enterprises (SMEs)SMEs are businesses with fewer than 250 employees. They make up a significant portion of the UK economy, contributing to innovation, employment, and competition.
Match the items on the left with their correct pairs on the right
Start the lesson to answer this matching question
Review Time!Great work! You've learned about enterprise, the role of entrepreneurs, and SMEs. Now let's test your understanding with a few questions.
Which of the following are characteristics of enterprise? (Select all that apply)
Start the lesson to answer this multi-select question
What is the main role of SMEs in the UK economy?
Start the lesson to answer this multiple choice question
An SME is defined as a business with fewer than {{blank0}} employees.
Start the lesson to answer this fill in the blank question
Wrap-Up!You’ve worked hard to understand enterprise, the role of entrepreneurs, and SMEs. These concepts are vital for understanding how businesses grow and contribute to the economy. Keep practising to strengthen your knowledge further!
Want to Learn More?
Get personalised lessons, quizzes, and instant feedback from your AI tutor.
Explore More Topics