BUSINESS STUDIES (7115)
CH#3
Entrepreneur: a person who operates, organizes and rakes
the risk for a new business venture
Advantages of being an entrepreneur:
o Independence
o May become famous and successful
o Able to put own ideas into practice
o Profitable
o Use of personal interests and skills
Disadvantages of being an entrepreneur:
o Risk
o Use of own money and capital
o Lack of knowledge and experience
o Opportunity cost- lost income of not being and employee of
another business
Famous entrepreneurs:
o Mark Zuckerberg- US- Facebook
o Vera Wang- US- Fashion Designer
, Characteristics of entrepreneurs and why are they important?
Hardworking Might have to work long hours with
short holidays
Risk-taker Making decisions to produce
Creative New ideas to make product different
Optimistic Looking forward to a better future
Self- confident Necessary to convince people
Innovative Putting new ideas into practice in
different ways
Independent Will have to work on their own first
Effective- Will raise the profile of the new business
communicator
Business plan: a document containing the business
objectives and important details about the operations,
finance and owners of the new business
Business plan:
1. Description of the business
2. Products and services
3. The market:
o Total market size
o Predicated market growth
o Target market
o Analysis of competitors
o Predicted changes in the market in the future
o Forecast sales revenue from the product
CH#3
Entrepreneur: a person who operates, organizes and rakes
the risk for a new business venture
Advantages of being an entrepreneur:
o Independence
o May become famous and successful
o Able to put own ideas into practice
o Profitable
o Use of personal interests and skills
Disadvantages of being an entrepreneur:
o Risk
o Use of own money and capital
o Lack of knowledge and experience
o Opportunity cost- lost income of not being and employee of
another business
Famous entrepreneurs:
o Mark Zuckerberg- US- Facebook
o Vera Wang- US- Fashion Designer
, Characteristics of entrepreneurs and why are they important?
Hardworking Might have to work long hours with
short holidays
Risk-taker Making decisions to produce
Creative New ideas to make product different
Optimistic Looking forward to a better future
Self- confident Necessary to convince people
Innovative Putting new ideas into practice in
different ways
Independent Will have to work on their own first
Effective- Will raise the profile of the new business
communicator
Business plan: a document containing the business
objectives and important details about the operations,
finance and owners of the new business
Business plan:
1. Description of the business
2. Products and services
3. The market:
o Total market size
o Predicated market growth
o Target market
o Analysis of competitors
o Predicted changes in the market in the future
o Forecast sales revenue from the product
