Business entreprise+planning+aims and objectives

• what is an entrepreneur and give examples of entrepreneurs

  an individual who has initiative and is willing to take a risk to start their own business.

  bill gates (microsoft)

  anita rodrick (body shop)

  steve jobs (apple)

  Sir richard branson (virgirn)

  Lord alan sugar (amstard)

  mark zuckerberg (facebook)
• What does the word ‘enterprise’ mean

  Action taken by individuals to start a business.
• What is the role of an entrepreneur

  Innovative

  initiative

  identify opportunities

  organise resources
• What are the characteristics of an entrepreneur

  • Risk taker
  • initiative
  • descision maker
  • organising the business
  • innovative/creative
  • hard working
  • determined
• what are the motives of an entrepreneur

  • gain redundancy money
  • gain profit
  • control, be own boss
  • turn hobby into business
  • help the community
  • make a difference in the world
  • status/recognition
• What are the risks involved in entrepreneurship

  • profit is not guaranteed
  • 90% of new businesses dont make it past 2nd year of trading
  • competing against bigger more estabilished businesses
  • inexperience in running a business
  • unforeseen events may affect sales
  • lack of entrepreneurial skills
  • unlimited liability - sole trader/partnership
• What is a business plan and what is its purpose

  document produced by a business when starting up or during its running e.g. when expanding.

  it is ongoing and should be reviewed regularly to monitor success and make sure the business is meeting aims.
• What are the aims of a business plan

  • to secure finance e.g. From a bank
  • show future vision of the business
  • set aims and goals to achieve
  • prioritise what needs to be done for the business to operate successfully
  • consider opportunities and risks
  • help decision making
  • ensure the business has resources needed to operate
  • help the business measure the progress of the business
• Main components/information of a business plan

  • Business description
  • Products & services
  • The market
  • Market research
  • Market strategy
  • Operational strategy
  • Human resources
  • Financial strategy
• Business description

  Owners detail, what the business sells, capital needed, aims
• Products & services

  Full range of products and services to be sold, patents or trademarkers needed
• The market

  Target market the business aims to sell to, information on competitors
• Market research

  • Primary (e.g. questionnaires, focus groups)
  • Secondary (Internet, newspapers) research carried out about the market and potential customers
• Market strategy

  Marketing mix (4Ps) for the business- product, price, place, promotion
• Operational strategy

  How will the business operate day to day e.g location, equipment needed, suppliers, laws that must be followed, transport
• Human resources

  Recruitment of workers, skills needed, training, motivation
• Financial strategy

  Capital input, profit and loss, cash flow forecast, break even analysis
• what sources of advice are there for business start-up? and examples 


  organisation that provide help and advice to businesses that are starting up such as managing finance, carrying out market research, employing staff e.g business wales, start up britain, banks, the prince‘s trust.
• What are aims

  goals and targets that the business wants to achieve in the future. Can be short term, medium term or long term.
• What are objectives

  specific and measureable targets and actions the business uses to achieve its aims