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Chapter 3

Chapter 3 discusses the concept of entrepreneurship, highlighting the benefits and disadvantages of being an entrepreneur, such as independence and risk. It identifies characteristics of successful entrepreneurs and outlines the importance of a business plan. Additionally, it explains why and how governments support business startups and methods for measuring the size of a business.

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4 views2 pages

Chapter 3

Chapter 3 discusses the concept of entrepreneurship, highlighting the benefits and disadvantages of being an entrepreneur, such as independence and risk. It identifies characteristics of successful entrepreneurs and outlines the importance of a business plan. Additionally, it explains why and how governments support business startups and methods for measuring the size of a business.

Uploaded by

ayeshazakaria100
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Chapter 3

Enterprise and entrepreneurship


Entrepreneur: is a person who operates/ organises and takes the risk of a new business venture

Benefits of being an entrepreneur


● independence - able to choose how to use time and money
● able to put own ideas into practice
● may become famous and successful if the business grows
● may be profitable and the income might be higher than working as an employee for another
business
Disadvantages of being an entrepreneur
● risk - many new entrepreneurs' businesses fail, especially if there is poor planning
● capital - entrepreneurs have to put their own money into the business and, possibly, find
other sources of capital
● lack of knowledge and experience in starting and operating a business
● opportunity cost - lost income from not being an employee of another business
● able to make use of personal interests and skills

Know 3 famous entrepreneurs


Bill gates : Microsoft word
Kylie Jenner : cosmetic line
Elon musk : tesla

Know 4 characteristics of successful entrepreneurs

Hard working They have to put in effort, time and


work to receive their desired
outcome
Optimistic They have to stay positive during
time of loss
Risk taker All entrepreneurs take risk starting
a business, making goods and
services not knowing if they will sell
is a risk
Creative They need ideas of a product or
service to start a business , or
different ways to market it

Business plan : is a document containing the business objective and important details about the
operations , finance and owners of the new business.

Pg 22 , 23 and 24 do it

Why governments support business start ups


. Reduce unemployment: Businesses create job opportunities
. To increase competition : New businesses give consumers options, variety and compete with
already establishes businesses
. Benefit society: They create social enterprises which offer to benefit society other then jobs
and profit (for example, supporting disadvantaged groups in society0
. Can grow further: The small business may become of the most successful in the world

How governments support business startup


Business idea and help: organising training for new entrepreneurs as well as giving advice
Premises: lower cost for new businesses
Finance: loans
Labour: help train employees

Methods of measuring size of business


– people employed
– Value of production
– Value of sales
– Value of capital

Go over rest of chapter

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