1.1 entrepreneurship

• why new business ideas come about:

  1. change in technology
  2. change in consumer tastes
  3. products become obselete
• how new ideas come about:

  1. invent
  2. innovate
• risk of operating:

  1. business failure
  2. lack of security
  3. financial loss
• reward of operating:

  1. business success
  2. independence
  3. profit
• role of enterprise:

  1. produce goods
  2. meet customer needs
  3. add value
• 4 ways to add value:

  1. convenience
  2. branding
  3. design/quality
  4. USP (unique selling point)
• role of entrepreneur:

  1. organise resources
  2. make business decisions
  3. take risks