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GCSE Business Studies Edexcel Unit 1 Spotting a Business Opportunity
Transcript of GCSE Business Studies Edexcel Unit 1 Spotting a Business Opportunity
Understand why entrepreneurs set up businesses.
Understand the qualities needed to set up successful businesses.
Understand how new enterprises are set up. What is enterprise? Business enterprise is about starting something of your own. It is probably a business, but it could also be a charity, a pressure group or a sports club. The key is that you want to do it and that it proves to be a success. Innocent Smoothies Started by 3 graduates in 1999.
Wanted to do things their own way.
Now UK market leader in smoothies.
Business worth over £100m Task What reasons can you think of for starting a business?
1 minute, be ready to share your ideas. Why? People have a desire and want satisfaction from success.
Frustration in current job.
Wish to'be own boss' and make own decision. Who? Make a list in your book of as many famous business people as you can. There will be a prize for the biggest list. Personal Qualities Determination
willing to take risks Skills Good listener
Able to manage others Resources Able to find help when needed.
Able to find finance.
Exceptional knowledge of special topic. Few entrepreneurs have all of these qualities but it would be hard to succeed without a number of them. Exercise - 20 minutes Read Bigger Feet on page 5 of the exercise book. Write out the questions underneath and attempt them in your exercise books. How? Often a new enterprise starts at home - i.e. selling cupcakes.
This avoids investing too much money too soon.
Could also be a social enterprise.
Need a business plan. Who set up the business?
What qualities did they have?
How did they set it up?
How did they raise the finance?
What risks did they take?
Innocent Smoothies Recipe for a successful entrepreneur A dash of risk
Ten grams of ambition
An ounce of know how
Create a colorful poster with the perfect recipe for an entrepreneur Knowledge Risk taker Start up capital Drive Persuasiveness