The Role of Business Enterprise and Entrepreneurship

Entrepreneur: A person who takes a risk of starting and Business.

How to Start Up a Business

  • Refine your idea 
  • Write a business plan
  • Access your Finance

Spotting an Opportunity: A successful business will be one that spots an opportunity to make a profit. The ability to see a need for a particular product. This could be an idea that no-one has thought of before Egg: Trunki luggage. This is called spotting a gap in the market.

Developing an idea for Business: Once an entrepreneur has spotted a Business opportunity or had a good idea they will then need to turn this into a working business

Satisfying the needs of customers:  A successful business will identify the needs of customers – for example that pet owners that pet owners want pet food specific to their breed. The business will then decide what product or service they can provide or produce that will satisfy these needs – for examples bespoke dog food that is made just for that particular pet.

Before one thinks of setting up Business then once dream is to be his/her own Boss.

Be your own boss (Independence): A reward of setting up your own business is that you cloud be your own boss. Being our Boss means you get to make the major decisions in the Business. You can also change the business if you want.

Job Security: Giving up the security of a full time job to start your own business can be risky. The benefits and rewards of having your own business is that you are the boss and therefore you cannot be fired.  

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Become a successful entrepreneur