Enterprise
• Entrepreneur:
- Risk taker who sets up a business (Creative, Leader, Persistent, Confident)
- Successful Entrepreneur means stakeholders objectives are met (better pay/conditions, suppliers will r
regular orders)
- Successful Entrepreneur is good for Economy/Government: exports help improve UK Trade Balance, m
• Enterprise:
- Another term for a business
- Actions of a entrepreneur
• Factors of production:
- Inputs used in the production of goods/services
- Land (Natural resources), Labour (Human resources), Capital (machinery, tools) , Enterprise (Owner)
- Shortage of a factor = its price will rise (costs go up, so business could look for alternative or lower othe
otherwise stakeholders could be affected)
• Adding Value:
- What a business achieves by ensuring price of finished good exceeds the cost of inputs
- Done by manufacturing raw material into a product, or creating brand image
• Entrepreneur:
- Risk taker who sets up a business (Creative, Leader, Persistent, Confident)
- Successful Entrepreneur means stakeholders objectives are met (better pay/conditions, suppliers will r
regular orders)
- Successful Entrepreneur is good for Economy/Government: exports help improve UK Trade Balance, m
• Enterprise:
- Another term for a business
- Actions of a entrepreneur
• Factors of production:
- Inputs used in the production of goods/services
- Land (Natural resources), Labour (Human resources), Capital (machinery, tools) , Enterprise (Owner)
- Shortage of a factor = its price will rise (costs go up, so business could look for alternative or lower othe
otherwise stakeholders could be affected)
• Adding Value:
- What a business achieves by ensuring price of finished good exceeds the cost of inputs
- Done by manufacturing raw material into a product, or creating brand image
