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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. This topic explores what enterprise is, why it is essential for the economy, and the role played by entrepreneurs. Let's dive in!
What is Enterprise?Enterprise refers to the process of identifying business opportunities and taking risks to turn these ideas into reality. It involves creativity, innovation, and decision-making to achieve business goals.
Why is Enterprise Important?Enterprise drives economic growth by creating jobs, introducing new products, and encouraging competition. Entrepreneurs play a key role in bringing ideas to life and fostering innovation in the market.
Quick check: What does enterprise involve?
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Who Are Entrepreneurs?Entrepreneurs are individuals who take the initiative to start and manage a business. They often invest their own resources and take financial risks to develop innovative products or services.
Match the items on the left with their correct pairs on the right
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Financial and Non-Financial MotivesEntrepreneurs are driven by both financial motives, such as profit, and non-financial motives, such as personal satisfaction or making a positive impact. Understanding these motives helps us analyse their goals and decisions.
Entrepreneurs may be motivated by {{blank0}} motives, such as profit, or {{blank1}} motives, like personal satisfaction.
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Small and Medium Enterprises (SMEs)SMEs are businesses with fewer than 250 employees. They play a vital role in the UK economy by driving innovation, providing employment, and contributing to local communities.
What is a key characteristic of SMEs?
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Business PlanningBusiness plans outline the goals, strategies, and financial forecasts for a business. They help entrepreneurs secure funding and provide a clear roadmap for success.
Which of the following are included in a business plan? (Select all that apply)
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Review Time!Great work! You've learned about enterprise, entrepreneurs, SMEs, and business planning. Now let's test your understanding with a few questions.
What is the role of entrepreneurs?
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SMEs are businesses with fewer than {{blank0}} employees.
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Which are non-financial motives for entrepreneurs? (Select all that apply)
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