business enterprise and planning

• What is the total number of businesses in the UK?

  Almost 5 million
• How many people are employed by businesses in the UK?

  24 million people
• How many sole proprietors are there in the UK?

  Over 3.3 million
• How many businesses in the UK are partnerships?

  Around 500,000
• How many registered limited companies are there in the UK?

  1.2 million
• How many people do SMEs employ in the UK?

  Around 14.4 million people
• What is the combined turnover of SMEs in the UK?

  £1,600 billion
• What are the main reasons people start their own businesses?

  • To gain a profit
  • To turn a hobby into a business
  • To use redundancy money
  • To be their own boss
• Why is profit considered the prime reason for starting a business?

  Because earning a decent income in the form of profit is a major focus for entrepreneurs
• What does 'satisficing' mean in the context of entrepreneurship?

  It refers to decision making that aims for a satisfactory result rather than maximizing income
• What are the three sectors of the economy and their roles?

  • Primary sector: Provides food and raw materials (e.g., farming, mining)
  • Secondary sector: Manufactures consumer goods (e.g., cars, electronics)
  • Tertiary sector: Offers services (e.g., gyms, financial advice)
• How can redundancy money be used by new business people?

  It can be used as capital to start a business after losing a job
• Why do some people want to be their own boss?

  They want to be in control of their own destiny and not feel like an underappreciated employee
• How many new businesses were expected to be formed in the UK by the end of 2013?

  Over 520,000
• How many businesses had already been formed by mid-December 2013?

  499,000
• What does the statistic of 99.2% of UK businesses being defined as 'small' imply?

  It indicates that the vast majority of businesses in the UK have between 0 and 49 employees
• What percentage of private sector employment in the UK is accounted for by small businesses?

  47%
• How has the number of people starting businesses changed since 2000?

  The number has increased each year despite the recession
• What was the total number of business entities in the UK from 2000 to 2013?

  Increased from 3.5 million to 4.9 million
• Why is studying business not just about large corporations?

  Because it also involves understanding what makes small businesses successful
• How do needs and wants change over time?

  They can change quickly due to fashions, lifestyles, and over the long term due to income and population changes
• What are needs according to economists?

  Requirements for survival, such as food, warmth, shelter, and clothing
• What are wants?


  Desires for items that are not essential for survival
• What is an entrepreneur?

  Someone who starts and runs a business
• What role do entrepreneurs play in the economy?

  They create wealth and often bring new ideas to the market
• Who is James Dyson?

  The founder of Dyson Limited and innovator of the vacuum cleaner
• What are the key characteristics of an entrepreneur?

  • Being a risk taker
  • Taking initiative and being proactive
  • Being an effective organiser
  • Having creativity and being innovative
  • Being hard working
  • Being determined and having perseverance
• What does it mean for an entrepreneur to be a risk taker?

  It means they risk capital and their own time to create profits
• Why is being proactive important for entrepreneurs?

  It allows them to change as needed and not be overwhelmed by events
• Why is effective organisation crucial for running a business?


  It is essential for managing a wide range of activities necessary for business operations
• How does creativity benefit entrepreneurs?

  It allows them to come up with innovative concepts and improve existing processes
• How many hours a week do entrepreneurs in the UK typically work?

  About 52 hours a week, plus an additional 40 hours thinking about their business
• Why do entrepreneurs need determination and perseverance?

  Because new businesses have low success rates and they must keep trying if initial ideas fail
• What are some common themes for success among young entrepreneurs?

  • Innovation
  • Risk-taking
  • Strong work ethic
  • Ability to adapt
• How many hours a week do entrepreneurs in the UK typically work?

  Approximately 52 hours a week
• What is the average working week for an employed person in the UK?

  38 hours
• Why is determination important for entrepreneurs?

  Because new businesses have low success rates
• What quality must entrepreneurs possess to overcome initial failures?

  Perseverance
• What are some discussion themes related to young entrepreneurs?

  • Factors consistent in the success of young business people
  • The impact of big businesses versus small businesses on the economy
  • The importance of SMEs to the UK economy
  • The role of risk-taking in successful entrepreneurship
  • The significance of having a good idea for business success
• What is a potential business opportunity?

  It occurs when a market need exists that has not been effectively targeted