Business - 18/08/2020

The role of an entrepreneur:-

A person willing to take risk and start a new business by combining all resources necessary for
success in the most sufficient manner.

1) Generates Unique Ideas

2) Allocates/combines all F.O.P

3) Assumes a risk of loss

An entrepreneur can achieve this through:-

a) producing and selling a new product
b) building an existing business in a different way
c) exploring different markets for an existing brand

An entrepreneur must posess some skillsets and abilities to avoid business failiure.

Qualities:-
1) Determination
2) Passion; Self-confidence
3) Good leadership - ability to persuade others
4) less fear of failiure
5) Ability to assess risk
6) Good social skills (networking)
7) Clear and well-defined goals
8) Ability to identify & focus on market needs and wants
9) multi-skilled

Social Enterprise
Business enterprise measures risks and rewards.
-> Private enterprise focuses on financial rewards (profits)
-> Social enterprise will focus on improving society

A business that trades for a social or environmental purpose and uses its profits for this purpose
rathar than distributing it to the owners
TRIPLE BOTTOM LANE
The bottom line of many businesses is to achieve targets related to profit.
Social Enterprise use target in relation to all these areas.

1) Social Aims
2) Environmental sustainability/ aims
3) Economic aims/ profits

note: profits will be re-invested to achieve the other two aims. Without profit, it is difficult to
achieve other aims.

Business Structure:-

Economic Sectors:-
-> Can be segregated into three sectors
-> Businesses will usually operate in any one of these three sectors.

1) Primary Sector -> Extraction industry

2) Secondary Sector -> transforms raw materials into a more useable form
3) Teritiary sector:-
-> service sector
-> includes all services which assist business activity