Transcript Starting a Business
Starting a Business
Enterprise
Enterprise “Everyone can be more enterprising, but not all of us can be entrepreneurs.”
Fraser Doherty 19 year old director of Superjams
“When I am determined to do something, I usually do it”
Duncan Bannatyne
“We should not force young people into entrepreneurial activity, but everyone can benefit from knowing about enterprise as it will come up in all types of jobs.”
Tim Campbell Winner of The Apprentice 2005 BUSS1.1 Enterprise
Enterprise In this topic you will learn about: Enterprise and Entrepreneurs The importance of risk and rewards such as profit The notion of opportunity cost Motives for becoming an entrepreneur Government support for enterprise and entrepreneurs BUSS1.1 Enterprise
Enterprise and Entrepreneurs
What is Enterprise?
The willingness to undertake new ventures and show initiative with a view to gaining rewards.
Enterprise is the starting point to any business activity "The person who gets the farthest is generally the one who is willing to do and dare. The sure thing boat never gets far from shore.“ Dale Carnegie BUSS1.1 Enterprise
Enterprise and Entrepreneurs
What is an Entrepreneur?
A person who spots an opportunity and shows initiative and a willingness to take risks in order to benefit from the potential rewards.
Entrepreneurs make use of the resources available to them to set up or develop a business BUSS1.1 Enterprise
Enterprise and Entrepreneurs
Why are entrepreneurs important?
Create employment Innovation Increase competitiveness Small businesses are the future large businesses
"Every young person has something to offer. Every young person has a talent that if unlocked will make a contribution to their economy and their society.” Gordon Brown
BUSS1.1 Enterprise
Enterprise and Entrepreneurs Innocent Drinks Watch an interview with Innocent’s Richard Reed Read accompanying article Read more about how innocent went from concept to success @ www.innocent.co.uk
BUSS1.1 Enterprise
Enterprise and entrepreneurs
What are the characteristics of an entrepreneur?
Opportunity Spotter Risk Taker Positive Thinker Decision Maker Visionary Enthusiastic Determined and persistent BUSS1.1 Enterprise
The importance of risks and rewards
What are the risks of being an entrepreneur?
What are the rewards of being an entrepreneur?
Do the risks outweigh the rewards or vice versa?
Is risk a good or a bad thing?
Are you a risk taker or risk averse?
BUSS1.1 Enterprise
The importance of risks and rewards
Risks Financial Money Invested Salary foregone Esteem Fear of failure Proving self Commitment Time and effort Loss of personal/social time Rewards Profit motive Return on Investment Future security Being own boss Taking decisions Not taking orders!
Self Actualisation Self satisfaction Achievement BUSS1.1 Enterprise
Is Profit the ultimate reward?
What about Social Enterprise?
Watch the latest advert for One Water @ http://www.onedifference.org/uk/water/ Read about how one water started @ http://www.onedifference.org/uk/water/aboutus What are the rewards for Duncan Goose?
Trivia: Who is Duncan Goose’s famous sister?
BUSS1.1 Enterprise
The notion of opportunity cost
What opportunities have you given up to be studying your AS Levels?
What opportunities does an entrepreneur give up to pursue their aims?
Time commitment Money commitment Alternative career path BUSS1.1 Enterprise
Opportunity Cost
In business (or life) every time one decision is made an alternative decision has been dismissed The “real cost” of any course of action, taking into account not only financial costs but also the cost of alternatives forgone Is opportunity cost an entrepreneur’s biggest cost? Read more BUSS1.1 Enterprise
Motives for becoming an entrepreneur Fulfilling a dream Making money In charge of own destiny Developing innovation Providing a service Supporting a community Social Responsibility Necessity Entrepreneurship Read more about the motives and characteristics of an entrepreneur BUSS1.1 Enterprise
Government Support for Enterprise and Entrepreneurs Enterprise is central to the Government's approach to economic policy and to rebuilding communities.
The Government is outlining the steps we need to take to ensure that the UK realises its full entrepreneurial potential, by: building a more enterprising society, in which all who have the initiative, skills and drive also have the opportunity to start and run a successful business creating the best environment in the world to start and grow a business tackling specific barriers that inhibit successful enterprise; and raising levels of enterprise in the UK's least prosperous communities, where these barriers are typically greatest.
Source: www.berr.gov.uk
BUSS1.1 Enterprise
Government Support for Enterprise and Entrepreneurs Research shows that 1:3 businesses fail in the first year of trading, but that this improves to 1:9 when support, advice and training have been sought There are many sources of advice for business start-ups including: www.businesslink.gov.uk
www.berr.gov.uk
BUSS1.1 Enterprise
Further Reading
Is being an entrepreneur in your genes?
From school boy to multi millionnaire in < 10 years From taxi driver to entrepreneur Activity A Provides a summary of the articles above with a question for discussion or written task.
BUSS1.1 Enterprise