Unit 1 Topic 1.2.1

Must learn: To appreciate what enterprise involves, taking risks and showing initiative

Should learn: the difference between providing a good or a service

Could learn: to consider reasons why some entrepreneur are successful and others are not

Brain storm – What does it take to be an entrepreneur?

Entrepreneur

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

Enterprise involves an element of risk. Things may go wrong or not according to the plans of the entrepreneurs or company.

That said, if these risks have been considered and planned for, then they are usually easier to manage and address.

Example: Property developer & the recession

Initiative is about making the first move to get things done. It is also about developing creative solutions to problems and ‘thinking outside of the box’

Initiative is an essential enterprise skill

which sets people aside from others.

• Being enterprising requires a willingness to undertake new ventures and to be on the look out for new opportunities.

• Undertaking new ventures does not necessary equate to being successful. However, the enterprising individual will have the courage to quit ventures that are less successful and pursue other ventures with better prospects.

When discussing enterprise, it is essential to differentiate between the terms ‘Goods and services’.

What is a good?

What is a service?

• Are tangible and physical

• Can be seen & touched

Examples: Car, sofa, cup, watch, food

Are intangible and non-physical

Have to be experienced

Examples: Restaurants and takeaway’s, healthcare, education, tourism, renting a car

FACT: Over 70% of economic activity in the UK is based in services

Write your own definition for the following Enterprise keywords

•Entrepreneur•Enterprises•Enterprise•Risk•Goods•Services

Watch an episode of Dragons Den on TV or Online

http://www.youtube.com/watch?v=0uX0DWjyGOE