A Level Business Studies

• A business is an organisation that exists to provide goods and services on a commercial basis to customers.
• Goods are physical or tangible products such as consumer electronics, industrial components, and cars.
• Services are intangible products such as insurance, dental services, and cleaning.
• Customers can be individuals buying on their own behalf or for households, businesses, or other organisations.
• Businesses exist because they are formed by entrepreneurs and are subsequently developed if they manage to get beyond the survival stage.
• Most businesses exist to earn a return for the business owners, and the potential for profit is a key motive for entrepreneurial activity.
• Businesses play a key role in wider society by creating and sustaining employment, developing the skills of people, driving innovation through research and development (R&D) and new products, contributing to the infrastructure of the country, paying taxes on profits earned, and collecting taxes on behalf of government.
• Entrepreneurs and the enterprise that they demonstrate play a key role in the formation and development of businesses by spotting business opportunities, taking calculated risks in order to gain possible future returns, and acting as a catalyst for the creation and growth of new business enterprises.