1.1 enterprise and entrepreneurs and the uk economy (part 2) - moodle

1.1 enterprise and entrepreneurs and the uk economy (part 2) - moodle

• 1.
  Do Now! You have two post-it notes….write down: 1. One SKILL that an entrepreneur should possess 2. One PERSONAL QUALITY that an entrepreneur should possess
• 2.
  Do Now Test whatyou’ve learned!
• 3.
  Do Now 1) Definethe term ‘entrepreneur’. Someone who starts and runs a business and takes responsibility for the risks involved.
• 4.
  Do Now 2) Nametwo key characteristics of an entrepreneur. Risk Taker, Determination, Drive, Passion
• 5.
  Do Now 3) Namethese famous entrepreneurs: Alan Sugar Mark Zuckerberg Anita Roddick
• 6.
  Do Now 4) Nametwo rewards of becoming an entrepreneur. Financial, meet customer needs, job satisfaction
• 7.
  Do Now 5) Completethe sentence to describe ‘Opportunity Cost’ This is expressed in terms of the next best alternative, which is given up when making a choice. For example, what could an entrepreneur do with their time, expertise and money if they didn’t start a business?
• 8.
  Do Now 6) Nameone risk and one reward of setting up a hairdressing salon in Hammersmith Risks – Lack of experience, lack of customers, competition. Rewards - Profit, job satisfaction, customer satisfaction.
• 9.
  Do Now 1) Whatis the function of an income statement? Summarise a businesses trading activity and expenses to show whether it has made a profit or loss.
• 10.
  Do Now 1) Whatis the function of an income statement? Summarise a businesses trading activity and expenses to show whether it has made a profit or loss.
• 11.
  The importance ofenterprise and entrepreneurs in the UK economy Module 1 – Growing a Business Idea
• 12.
  Learning Objectives By theend of this lesson you should be able to: 1. Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation. 2. Research and describe the help entrepreneurs can get from Government or other sources. 3. Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.
• 13.
  What are themotives for becoming an entrepreneur? LO1) Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.
• 14.
  What are themotives for becoming an entrepreneur? Decide which motives you think are most important in becoming an entrepreneur. Arrange them in a ‘Diamond 9’ shape. LO1) Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.
• 15.
  What motives didthe directors of innocent have? Write down 3 key things from Richard Reeds interview. LO1) Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.
• 16.
  What help andsupport is available for entrepreneurs? Small businesses are vulnerable in the early stages, and many fail. There are many sources of help and guidance available from…. LO2) Research and describe the help entrepreneurs can get from Government or other sources.
• 17.
  Research Task Research one of the following areas of support for entrepreneurs and small business start-ups…. What do they do? What support do they offer? Are there any costs involved? How is help/ advice accessed? LO2) Research and describe the help entrepreneurs can get from Government or other sources.
• 18.
  Why are entrepreneursso important to the UK economy? LO3) Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.
• 19.
  How important areentrepreneurs to the UK economy? If successful they can grow to become large organisations. Small business defined as: EU – Fewer than 50 employees Create jobs. The Companies Act 1985: • Value of sales less than £2.8 Bring revenue to the million government through taxation. • Value of balance sheet less than £1.4 million • There are fewer than 50 Take the economy out of a employees recession. LO3) Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.
• 20.
  Case Study: Whysmall businesses are vital to the UK economy. Read the case study…. Answer questions 1, 2 and 3 Identify three new business terms from the case and write down the meaning. LO3) Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.
• 21.
  Homework You have justcompleted your study of enterprise and entrepreneurs. To consolidate this learning you need to produce a set of detailed revision notes. Due: Next Lesson
• 22.
  What type ofentrepreneur are you?
• 23.
  Re-cap Learning Objectives Youshould now be able to : 1. Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation. 2. Research and describe the help entrepreneurs can get from Government or other sources. 3. Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.