Enterprise and entrepreneurship

• Business functions that work together to make a business successful:

  • Marketing
  • Operations
  • Human resources
  • Finance
• Characteristics of an entrepreneur:

  • Hardworking: normal to work long hours and carry out a variety of tasks
  • Organised: keep on top of day-to-day tasks, plan for the future, arrange finances, meet deadlines
  • Innovative: come up with new ideas to keep customers happy
  • Risk-taker: risk money, time, possibly give up old job
• • Non-financial objectives: link to things other than money, such as personal satisfaction, challenge, independence
• Reasons for starting own business:

  • Be their own boss, have independence and freedom to make decisions
  • Have more flexibility with working hours
  • Follow an interest or hobby
  • Increase income, improve quality of life
  • Fill a gap in the market
  • Escape an unhappy job
  • Fulfil an ethical or social goal
•  Financial objectives link to money, such as making profit, a certain amount of sales or business survival.