How enterprising skills and qualities help business development, eg decision-making, determination, creativity.
Business plans documenting how organisations intend to operate and develop.
Role of the Entrepreneur
- Enterprise occurs when an entrepreneur has an idea for product and turns this into reality. Their idea might be an improvement on an existing product, or a new product idea.
- Entrepreneurs conduct market research to see if their idea is likely to be successful.
- Entrepreneurs make decisions on what to produce, who to produce it for, how much to charge etc.
- Entrepreneurs organise factors of production to be in place so that the product can be manufactured.
- Entrepreneurs take risks eg their idea might fail and they may lose their investment.
Skills and Qualities of a Successful Entrepreneur
The Business Plan
A business plan can be shown to potential lenders and investors to encourage them to
put finance into the business. It can also give the business owner(s) a structure and focus for the operation of the business.
- General Details – the organisation’s name and contact details, location and details of ownership eg whether it is a sole trader, partnership, limited company, charity.
- Human Resources – types of workers to be employed and the responsibilities of the managers in the business.
- The Product – description of the good or service that will be offered.
- The Market – description of customers to be targeted – their characteristics, size of the market, location of the market.
- Premises and Equipment – description of premises and equipment necessary to produce the product.
- Financial Information – estimated costs, revenues, profits, cash budgets.