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Learn: Why People Start a Business - Spotting Opportunities
AQA GCSE Business 8132
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Welcome!Building on what you've already learned about businesses and their purpose, today we'll explore why people start businesses and how they spot opportunities. Let's get started!
Why Start a Business?Many people start businesses to fulfil needs or wants, take advantage of opportunities, or achieve personal goals like independence or profit. Identifying gaps in the market is key to finding these opportunities.
Spotting OpportunitiesOpportunities can arise from changes in technology, customer behaviour, or gaps in existing products and services. Entrepreneurs often look for problems they can solve or new ways to satisfy customer needs.
What is a common reason people start a business?
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Entrepreneurship TraitsEntrepreneurs need strong traits like creativity, organisation, and risk-taking to identify and act on opportunities. These traits help them navigate challenges and build successful businesses.
Match the items on the left with their correct pairs on the right
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Common MotivationsMotivations for starting a business include earning profit, gaining independence, and pursuing a passion. Entrepreneurs often balance personal goals with customer needs.
One reason people start a business is to earn {{blank0}} by selling {{blank1}} or services.
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Identifying Gaps in the MarketEntrepreneurs identify gaps by observing customer needs that aren't being met. This could include improving existing products or creating something entirely new.
Which of the following are ways to spot opportunities? (Select all that apply)
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Review Time!Great work! You've learned why people start businesses and how they spot opportunities. Now let's test your understanding with a few final questions.
Which trait is essential for spotting opportunities?
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Entrepreneurs use {{blank0}} and {{blank1}} to identify gaps in the market.
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Which motivations might drive someone to start a business? (Select all that apply)
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