This term in Business Management our pupils have been learning about entrepreneurship and how entrepreneurs combine the factors of production to produce goods and/or services.  The class visited local entrepreneur Anne Marie Anderson at her shop “Peerie Oorick” to learn about her business.  Anne Marie explained to the class how she identified a gap in the market for Children’s books published in local dialect.  Anne Marie worked hard to sell enough needle felted products to raise the capital (money) to begin production of her book.  Pupils identified that the factors of production combined in Anne Marie’s business included:

 Land – the natural resources used in the production process: ink, water, plant fibres

Labour – Anne Marie as author, illustrators, employees of print works

Capital – the machinery and equipment needed to make the products: machinery at the print works, computer, paints

Enterprise – the entrepreneur: in this case Anne Marie, the entrepreneur takes a risk and creates the business combining the other three factors

The class have also been learning about sectors of the economy and the types of business within each sector.  We were lucky enough to be visited by some of the Summer Days committee who have demonstrated their entrepreneurial skills in organising a series of events which are much enjoyed by the local community during the summer months.  The Summer Days committee are an excellent example of a third sector community group.  The committee shared information on their purpose, how the group benefits from the various skills and experience each member brings to the team and how they address challenges together and how they learn more each year.  The group encouraged the class to go for it they have an idea for an enterprise and never be afraid to take a risk.  

The class really enjoyed connecting with entrepreneurs in our community.