entrepreneurship

• entrepreneurships take a lot of personal risks when they start a business - if a business fails they may have lost a lot of money and time
• entrepreneur has to decide if the risks are worth taking for the chance of reward
• entrepreneurs take advantage of business opportunities
• an entrepreneaur is a person who takes on the risks of enterprise activity
• entrepreneurs are really important as without them we would never have any new businesses
• to successfully run a new business, an entrepreneur must be able to:

  • organise resources - good organisational skills to keep on top of all the day to day tasks of running a business as well as planning for the future
• to successfully run a new business, an entrepreneur must be able to:

  • take risks - there are lots of unknowns in running a business, they invest a lot of money and time, they have to be willing to take calculated risks
• to successfully run a new business, an entrepreneur must be able to:

  • make business decisions - have to decide on businesses aims, structure, employees etc.
• to successfully run a new business, an entrepreneur must be able to:

  • take risks
  • organise resources
  • make business decisions
• there are risks and rewards in running a business
• there are no quarantees of success for new businesses
• risks of starting a business:

  • need a lot of money - buy equipment, pay workers etc, will need investors or a bank as another source of income, if the business makes a financial loss it wont be able to pay back all the money thats been borrowed so it may struggle to survive
• risks of starting a business:

  • dont have much security - putting all their money, time and job into the business and if business fails they will lose a lot, this could have a huge impact on their quality of life
• risks of starting a business:

  • there is always a risk that a business will fail, so the entrepreneur risks the money, time and effort into making the business work
• rewards of starting a business:

  • one big reward for entrepreneurs is seeing their business idea become a success
• rewards of starting a business:

  • making lots of profit, the entrepreneur could earn more money than they did before they started the business, this could give them a better quality in life
• rewards of starting a business:

  • gives entrepreneur independence, choose what they want to do in day to day life and what direction the business goes in