1.1 enterprise and entrepreneurs and the uk economy (part 2) - moodle

You have two post-it notes….write down:

1. One SKILL that an entrepreneur should possess

2. One PERSONAL QUALITY that an entrepreneur should possess

Do Now!

Test what you’ve learned!

Do Now

1) Define the term ‘entrepreneur’.

Do Now

Someone who starts and runs a business and takes responsibility for the risks

involved.

2) Name two key characteristics of an entrepreneur.

Do Now

Risk Taker, Determination, Drive, Passion

3) Name these famous entrepreneurs:

Do Now

Alan Sugar

Anita Roddick

Mark Zuckerberg

4) Name two rewards of becoming an entrepreneur.

Do Now

Financial, meet customer needs, job satisfaction

5) Complete the sentence to describe ‘Opportunity Cost’

Do Now

This is expressed in terms of the next best alternative, which is given up when making a choice.  For example, what could an entrepreneur do with their time, expertise and money if they didn’t start a business?

6) Name one risk and one reward of setting up a hairdressing salon in Hammersmith

Do Now

Risks – Lack of experience, lack of customers, competition.

Rewards - Profit, job satisfaction, customer satisfaction.

1) What is the function of an income statement?

Do Now

Summarise a businesses trading activity and expenses to show whether it has

made a profit or loss.

1) What is the function of an income statement?

Do Now

Summarise a businesses trading activity and expenses to show whether it has

made a profit or loss.

The importance of enterprise and

entrepreneurs in the UK economy

Module 1 – Growing a Business Idea

By the end of this lesson you should be able to:

1. Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.

2. Research and describe the help entrepreneurs can get from Government or other sources.

3. Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.

Learning Objectives

What are the motives for becoming an entrepreneur?

LO1) Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.

Do you know the Innocent story?

What are the motives for becoming an entrepreneur?

Decide which motives you think are most important in becoming an entrepreneur.

Arrange them in a ‘Diamond 9’ shape.

LO1) Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.

What motives did the directors of innocent have?

LO1) Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.

Write down 3 key things from Richard

Reeds interview.

Small businesses are vulnerable in the early stages, and many fail.

There are many sources of help and guidance available from….

What help and support is available for entrepreneurs?

LO2) Research and describe the help entrepreneurs can get from Government or other sources.

Research one of the following areas of support for entrepreneurs and small business start-ups….

What do they do? What support do they offer? Are there any costs

involved? How is help/ advice

accessed?

Research Task

LO2) Research and describe the help entrepreneurs can get from Government or other sources.

Why are entrepreneurs so important to the UK economy?

LO3) Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.

If successful they can grow to become large organisations.

Create jobs.

Bring revenue to the government through taxation.

Take the economy out of a recession.

How important are entrepreneurs to the UK economy?

LO3) Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.

Small business defined as:EU – Fewer than 50 employees

The Companies Act 1985:• Value of sales less than

£2.8 million• Value of balance sheet

less than £1.4 million• There are fewer than 50

employees

Read the case study….

Answer questions 1, 2 and 3

Identify three new business terms from the case and write down the meaning.

Case Study: Why small businesses are vital to the UK economy.

LO3) Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.

You have just completed your study of enterprise and entrepreneurs.

To consolidate this learning you need to produce a set of detailed revision notes.

Due: Next Lesson

Homework

What type of entrepreneur are you?

You should now be able to :

1. Explain the motives as to why entrepreneurs start up small businesses and apply this to a real organisation.

2. Research and describe the help entrepreneurs can get from Government or other sources.

3. Evaluate the potential benefits to the UK economy of entrepreneurial activity and small businesses.

Re-cap Learning Objectives