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Learn: What Enterprise Means
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Welcome!Today we'll learn about enterprise, an essential topic in business. This lesson is designed to help you understand its meaning and importance.
What is Enterprise?Enterprise refers to the ability to take risks, show initiative, and innovate in order to start or grow a business. It is a key driver of economic growth and job creation.
Why is Enterprise Important?Enterprise is vital because it encourages entrepreneurship, fuels innovation, and helps businesses adapt to changing markets. Entrepreneurs often identify gaps in the market and develop creative solutions to meet consumer needs.
Quick check: What does enterprise involve?
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Entrepreneurs and EnterpriseAn entrepreneur is someone who uses enterprise skills to start and run a business. They often take calculated risks to launch new products, services, or businesses.
Which of the following are characteristics of an entrepreneur? (Select all that apply)
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Financial and Non-Financial MotivesEntrepreneurs may have financial motives, like profit, and non-financial motives, such as personal satisfaction or contributing to society.
Entrepreneurs often take risks to earn a {{blank0}} or achieve {{blank1}} satisfaction.
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SMEs in the UKSmall and medium-sized enterprises (SMEs) play a crucial role in the UK economy. They are businesses with fewer than 250 employees and contribute significantly to innovation and local communities.
Match the items on the left with their correct pairs on the right
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Review Time!Great work! You've learned about enterprise, the role of entrepreneurs, and SMEs. Let's test your understanding with a few final questions.
What is the main role of SMEs in the UK economy?
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Which of the following are non-financial motives for entrepreneurs? (Select all that apply)
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Enterprise involves taking {{blank0}} and showing {{blank1}} to start or grow a business.
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Match the items on the left with their correct pairs on the right
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