Starting up a Business

Review:

Let's quickly review what we have learned so far.

Enterprise is about taking risks, being creative and innovative and using your initiative (doing things without having to be asked or told).

An entrepreneur is someone who organises factors of production (land, labour and capital) to produce goods and services. Entrepreneurs have to obtain money, buy the factors they need and make decisions. They take risks that the business idea might be very successful but also that it might not be the success they hoped it would be.

To start up any business you have to demonstrate enterprise and in setting up the business you will be an entrepreneur. You might start off with very big ideas about what the future holds for your business. It is a fact though that only half of new businesses starting up survive after three years. Clearly there is a huge risk involved.

Given the risk, why would people want to start up a business in the first place?

Task 3

Make a list of the reasons why you think that a person might want to start up their own business.
Once you have made your list, put the reasons in an order of priority - the most important reason first down to the least important reason.

Now have a look at the Startups Web site(http://www.startups.co.uk/YffPoaQ.html). It provides a list of ten reasons to start up a business. How many of the reasons on this list match with yours?

Task 4

You have been asked by the Government's 'Business Link' service to design a poster advertising the benefits of starting up a new business. Your poster should be bright, lively, and informative and be able to catch the eye of those who might be thinking of starting up their own business.

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What is Enterprise? - Starting up a Business

Review:

Task 3

Task 4