AQA GCE Business BUSS1 Starting a Business

Enterprise In its simplest form, enterprise is the ability to turn an idea into a successful business.

Enterprise Enterprise is carried out through the work of an entrepreneur.

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Are you an entrepreneur? The starting point for enterprise is creativity, Do you think you have the right qualities to be a successful entrepreneur? CD Cover Task

Creativity in the classroom Take a piece of paper & pen. You will be given the name of an object. You have 30 seconds to think of as may uses as possible for that item. Do not discuss! 1.A cotton bud 2.A piece of tissue paper 3.A sponge 4.A loo roll insert

Enterprise is: A willingness by an individual or a business to take risks, show initiative and undertake new ventures

The characteristics of enterprise Enterprise Showing initiative Undertake new ventures Risk taking

Risk Taking Enterprise involves an element of risk. Things may go wrong or not according to the plans of the entrepreneurs or company. That said, if these risks have been considered and planned for, then they are usually easier to manage and address. Example: Property developer & the recession

Showing initiative Initiative is about making the first move to get things done. It is also about developing creative solutions to problems and ‘thinking outside of the box’ Initiative is an essential enterprise skill which sets people aside from others.

Willingness for new ventures Being enterprising requires a willingness to undertake new ventures and to be on the look out for new opportunities. Undertaking new ventures does not necessary equate to being successful. However, the enterprising individual will have the courage to quit ventures that are less successful and pursue other ventures with better prospects.

Goods & Services When discussing enterprise, it is essential to differentiate between the terms ‘Goods and services’. What is a good? What is a service?

Goods (Primary & secondary sectors) Are tangible and physical Can be seen & touched Examples: Car, sofa, cup, watch, food

Services (Tertiary sector) Are intangible and non-physical Have to be experienced Examples: Restaurants and takeaway’s, healthcare, education, tourism, renting a car FACT: Over 70% of economic activity in the UK is based in services

Task 1 Write your own definition for the following Enterprise keywords Entrepreneur Enterprises Enterprise Risk Goods Services

Creative Problem-Solving Quiz Are you a professional? This short quiz will help you understand your thinking style better.

Question 1 1.How do you put a giraffe into a refrigerator? The correct answer is: Open the refrigerator, put in the giraffe and close the door. This question tests whether you tend to do simple things in an overly complicated way.

Question 2 2. How do you put an elephant into a refrigerator ? Wrong Answer: Open the refrigerator, put in the elephant and close the refrigerator. Correct Answer: Open the refrigerator, take out the giraffe, put in the elephant and close the door. This tests your ability to think through the repercussions of your actions.

Question 3 3. The Lion King is hosting an animal conference, all the animals attend except one. Which animal does not attend? Correct Answer: The Elephant. The Elephant is in the refrigerator. This tests your memory. OK, even if you did not answer the first three questions, correctly you can surely answer this one.

Question 4 4. There is a river you must cross. But it is inhabited by crocodiles. How do you manage it? Correct Answer: You swim across. All the crocodiles are attending the Animal Meeting! This tests whether you learn quickly from your mistakes. FACT: Around 90% of the professionals they tested got all questions wrong. But many preschoolers got several correct answers.