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Enterprise: Needs and Wants
Transcript of Enterprise: Needs and Wants
Needs & Wants
WJEC AS Business
Unit 1: Business Opportunities
Explain how satisfying needs and wants can give opportunities to entrepreneurs.
Identify business opportunities.
See a need - fill a need.
Needs and Wants
To be successful, enterprises must satisfy consumers' NEEDS and WANTS.
Needs are essential and finite (limited): food, warmth, shelter, security.
Wants are infinite but not essential: better housing, healthcare, gadgets, designer clothing etc.
What are your needs and wants?
What problems are there with needs and wants?
There are limited resources and finance.
This, coupled with unlimited wants, leads to scarcity of goods and services.
Unlimited wants + limited resources = scarcity
Can you identify any potential opportunities for a business to meet consumers needs and wants?
What are the lessons from Kitten Stomper?
Identifying business opportunities isn't easy.
It is a key role of an entrepreneur.
Failure to carry out, for example, effective market research can lead to a doomed enterprise.
Carry out some research into a successful entrepreneur. Write brief notes on the following:
What was the initial need or want they identified?
How did they start in business?
How did the business develop over time?
What problems did they overcome?
Be prepared to discuss your findings in the next lesson.
Reflect on today's lesson.
Identify the three most important ideas.
Watch episodes of Dragon's Den on the BBC i-player.
Consider how successfully (or otherwise) the budding entrepreneurs have identified the needs and wants of consumers.