GCSE Business Studies

Unit 1Introduction to Small Businesses

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1.2 Showing Enterprise

Lesson Objectives and Outcomes

• To understand what it takes to be a successful entrepreneur

• To understand how entrepreneurs must overcome mistakes and problems to be successful

• All students will understand the meaning of the word ‘entrepreneur’

• Most students will be able to discuss the skills and qualities which make an entrepreneur successful.

• Some students will be able to discuss how entrepreneurs overcome problems

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Key Terms• EntrepreneurA person who owns their own business and takes risks.• EnterprisesAnother word for businesses.• EnterprisingA willingness by an individual or a business to take risks show initiative and undertake new ventures.• RiskThe chance of damage or loss occurring as a result of making decisions.

What makes a good entrepreneur?

'What Britain needs is an

enterprise economy'

'Students will be entitled

to enterprise education'

'Richard Branson is an excellent

example of a successful

entrepreneur'

'Enterprise is essential to

enable the UK to continue to

develop its economy and

continue to grow'

An entrepreneur can be defined as an individual with the ideas, skill, commitment, risk taking abilities and passion to establish and maintain a successful business

What is more important?

• In your booklet is a list of different features that an entrepreneur may have.

• You need to rank them by importance, with the most important feature at the top and the least at the bottom

Research Task

• Being a successful entrepreneur isn't about getting it right the first time. Most entrepreneurs make mistakes, but learn from them to make them more successful.

“When I first started out in business I owned a glass and ceramic export business in Italy selling to Harvey Nichols stores. The business failed. I went on to buy a franchise in textiles with a partner and later sold my share for a profit. After this I went to work for my family helping to run and later own the leisure park my parents had bought.”

Using the internet…

• Create a mini biographies on the entrepreneurs in your booklets. Make sure that you include – What their company/companies do– How they started their first company– If they took any risks, did they pay off?– If they’ve had any failures– What new ventures have they undertaken