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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 and its importance in business. This lesson is designed to help you understand key concepts like the role of entrepreneurs and the impact of enterprise on the UK economy.
What is Enterprise?Enterprise refers to the ability to identify business opportunities and take risks to develop them into successful ventures. Entrepreneurs play a crucial role in driving innovation, creating jobs, and contributing to economic growth.
Quick check: What does enterprise involve?
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The Role of EntrepreneursEntrepreneurs are individuals who take risks to start and manage businesses. They identify gaps in the market, develop ideas into products or services, and aim to make them profitable. Entrepreneurs are crucial for innovation and economic development.
An entrepreneur takes {{blank0}} to develop a {{blank1}} or service.
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Financial and Non-Financial MotivesEntrepreneurs have various motives for starting a business. Financial motives include earning profits and building wealth. Non-financial motives may include independence, personal satisfaction, or making a social impact.
Which of the following are non-financial motives for entrepreneurs? (Select all that apply)
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Importance of SMEs in the UKSmall and medium-sized enterprises (SMEs) make up a significant part of the UK economy. They contribute to innovation, create jobs, and help local communities thrive. SMEs are essential for driving competition and economic growth.
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Review Time!Great work! You've learned about enterprise, the role of entrepreneurs, their motives, and the importance of SMEs. Now let's test your understanding with a few questions.
Which of the following best describes enterprise?
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What are some benefits of SMEs to the UK economy? (Select all that apply)
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Small and medium-sized enterprises (SMEs) help drive {{blank0}} in the economy and {{blank1}} jobs.
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Match the items on the left with their correct pairs on the right
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