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YEAR 8 ENTEPRISE
REVISION
Use the evidence...
• There will be evidence at the start of the paper
• You must read this carefully
• Refer to the evidence when the questions asks you to do so
Topic 1.....Why start a business?
• To pursue an interest/ hobby• To be their own boss• To escape an uninteresting job• To provide a service product that
benefits others• To make a big business one day• To be successful
Topic 2......What is an entrepreneur?
‘An entrepreneur is prepare to take risks in order to exploit a business opportunity’.
Motivated to succeed
Charismatic
Risk taker
Hard working
Able to innovate
Able to spot opportunities
Topic 3.....Social enterprise
• An activity that achieves reward for society
• For some entrepreneurs profit is not enough motivation to persuade them to take a risk and put in place the necessary resources to carry out a business.
• Some entrepreneurs are motivated by helping others for the good of the community or even the world.
Topic 4......What are smart objectives?
Specific – Objectives should specify what they want to achieve.
Measurable – You should be able to measure whether you are meeting the objectives or not.
Achievable - Are the objectives you set, achievable and attainable?
Realistic – Can you realistically achieve the objectives with the resources you have?
Time – When do you want to achieve the set objectives?
Topic 4......What is research?
Market research is how a business finds out if its products or services are going
to be purchased.
It’s vital that a company completes market research before it begins
production so that time, effort and money is not wasted.
Topic 5.......What information should
be collected?• Whether customers will buy?
• How often customers will buy?
• The price that is willing to be paid?
• The type of customer interested in the product?
• Where the product will be sold?
Topic 6........Primary Research
Research that you have completed and tailor made to suit your needs.
• Collection of Information first hand.• The business designs methods of getting
answers to suit its needs.• Information collected is up to date.• Information gathering and evaluation may
be easier.
Topic 7........Secondary Research
Research that another organisation or individual has already completed.
• Easier to complete than primary research.– Books– Magazines– Newspapers– Government publications– National Statistics
Topic 8 – What to do in the dragons den
• Be presentable, speak clearly and know your product
• Explain where the idea cam from• How can the entrepreneur prove the product/
service will be successful• What the entrepreneur would do with the money
invested • What is the entrepreneur hoping the product can
achieve• How could the entrepreneur demonstrate the
product to the dragons • Any questions the entrepreneur should expect to
be asked• How the entrepreneur prepare for questions in
the dragons den