AS Business Studies BUSS1 Planning and Financing a Business 1.1 – 1.10 Starting a Business 1.11 – 1.15 Financial Planning.

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Presentation transcript:

AS Business Studies BUSS1 Planning and Financing a Business 1.1 – 1.10 Starting a Business 1.11 – 1.15 Financial Planning

1.1 Enterprise Candidates should be able to: define enterprise and entrepreneurs list possible motives for becoming an entrepreneur differentiate between risk and rewards define opportunity cost give examples of government support

Enterprise What is an entrepreneur? A person who is ________________ ______________________________ What is enterprise? Enterprise is ___________________ _____________________________ ______________________________ _________________________

Enterprise Who are these entrepreneurs? What product or services did they create?

Characteristics of an entrepreneur What are the characteristics of an entrepreneur?

Motives of an entrepreneur What are the motives for becoming an entrepreneur?

Risk, reward and opportunity cost Key rewards - ___________________ ______________________________ Key risk – ______________________ Opportunity cost – the cost of the next best a__________. In other words, what could an entrepreneur do with their time, expertise and money if they didn’t start a business

Importance of enterprise Most firms in the UK were originally started as a small business by an entrepreneur What is a small business? Fewer than _____ employees Value of sales is less than £_______ But it depends on the industry E.g. Accountancy firm or a manufacturer with 100 staff

Importance of enterprise How many small businesses are there in the UK? _________ million in April 2012 Who started Marks and Spencer? Who started Tesco?

Government support “Business link helpline” – advice and information on ________ “Business Finance for You” – information on government g_____; publicly-backed finance and loans (Funding for L___________ scheme); business support e.g. m__________ or c_____________

Government support Government grants – usually for innovation, r_________ and development; training; economic regeneration or to encourage young people (________) to start their own business