5 jl) What is meant by enterprise Key terms nd: natural resources that can be used by an enterprise pour: skilled and unskilled workers who can work for an nterprise human-made aids to production B Skills signpos' Decision making is an important skill. You will be required to take many decisions throughout your life. Taking as many things into account as possible will increase the likelihood of making the correct decision. Key term \ Risk: the possibility that events in relation to an | enterprise do not turn out as expected Learners should be able to: enterprising > demonstrate an understanding of the meaning of being > appreciate that enterprise involves making decisions and taking rs The meaning of enterprise There are two key features of enterprise: making decisions and taking 1 Making decisions Enterprise involves decision taking. The factors of production ~ land. | and capital ~ can be used in different ways, and decisions will be need how they should be combined to produce a desired outcome The essential aspect of enterprise is that a decision will be taken to st. business, or another type of enterprise, ¢.g. a charity, an environmental pressure group, a club or society A Adesign enterprise that aims to & Assports enterprise that does r make a profit to make a profit Think of six examples of enterprises that have been started in your local a including profit-making and not-for-profit enterprises. Find out as much as [ ean about each one, is possible to be enterprising at home and at school (see Unit 1.2) Taking risks The second key feature of enterprise is aking risks. There is no guara that a new enterprise will be a success, In many counties over hall businesses started in one year fail by the end of the next yearDid you know? Former British Prime Minister Winston Churchill was once asked what the difference was between a pessimist and an optimist: He said that a pessimist sees difficulty in every opportunity, whereas an optimist sees opportunity in every difficulty. Case studies Refer to the five case studies ‘on pages 6-10. Give examples | from each case study of ‘making decisions and taking risks. entrepreneur who makes | organized and run by an "decisions and takes risks When thinking about the meaning of the term “enterprise”, make sure you understand that not all enterprises exist to make a profit. Working in a pair or group, think of as ‘many examples as you can of enterprises that have started up in your area then di ; | 3 why these enterprises were not sucess Pn MK Of Possibl reasons Four key questions There are four key questions to ask about the starting Whoo whee ' the starting of an enterprise: Why? Why? Many people start an enterprise because they want to: © see if they can meet a challenge; gain a sense of achievement © be in control (be their own boss; take the important decisions) © become richer as a result Although many entrepreneurs start e1 to stress that many enterprises are which aim to achieve social, rather Who? The personal qualities, entrepreneurial skills and resources person starting the enterprise will, to a large exte1 (See Units 3.1-3.3,) nterprises to make money, itis important not-for-profit organizations, e.g, charities r than monetary, objectives, : available to the nt, determine its success. What? ‘The term “enterprise” can refer to businesses that aim to make a profit and also to a range of not-for-profit organizations, e.g. charities, pressure groups, clubs and societies. (See Unit 2.4 on the purpose of an enterprise.) How? An enterprise can be organized in a variety of ways. An enterprise that exists to make money can be organized as a sole trader, a partnership, a limited company, a co-operative or a franchise. (See Units 2.1-2.3.) Key points 1 There are two key features of enterprise: making decisions and taking risks. 2 There are many different types of enterprise, some that aim to make a profit and others that are not-for-profit organizations. 3 There are four key questions to ask about the starting of an enterprise: Why? Who? What? How? Eira coed 1 What is meant by the term “enterprise”? 2. Outline the four key questions to ask about starting an enterprise. wemroonemeBCU Rea rs tnt eaicis REN TE a treet PCM amers should be abe to > know that they can be enterprising at scho Key term > know that they can be enterprising at home ‘the showing ™ _ of initiative, imagination, energy and resourcefulness) yy ; rising? hat does it mean to be enterp: ‘gS: new projects. Enterprising people are likely to be resourcell and dyna (_ will approach new projects with boldness, energy and imagination Did you know? . Being enterprising at school anstein once said that Students can be enterprising through their studies of a range of subjec who has never made : ' terprising th ' has never tried © looking at a particular problem from different perspectives, 6-8. 11s {anvthing new. © researching a number of different sources (in many subjects) © thinking creatively about a particular topic oF theme, e.g. in Titeratut © thinking critically ~ taking the opportunity to think of completely 1 ways £0 approach and/or solve a problem (in many subjects) jocus on being enterprisi Schools may organize specific events whic Enterprise events can give students the opportunity to work in teamy av come up with possible business opportunities. The emphasis is often ov nvestigatir creative and imaginative enterprise ideas, CE eED Working in a pair or group, think of as many different ways as you can in whic | you have been enterprising at school in the last six months. What do you thin | the most enterprising thing that you have done at school recently? 4 Astudent in a schoo! Being enterprising at home You can be enterprising at home in many dillerent ways. Organizing a household job You can be enterprising by offerin, outside include helping with the sh A A guest speaker at an Enterprise Day keeping the area clean and tidy or doing gardening jobs, There arc examples of jobs inside the home, e.g. household cleaning and ¢BC Skills signpost Being enterprising at schoo! can involve using a variety of different communication skills in oral, visual and written forms of communication. You should be able and willing to Use as many different forms of communication as possible ‘4. Being enterprising at home 4 Being enterprising at home in the garden @ Study tip When considering the meaning of the term “enterprising”, | make sure you appreciate | that there are many different | ways of being enterprising in a | schoo! or home context Taking responsibility for younger children If you are not the youngest in your family, an important way in which you can be enterprising at home is through looking after younger children. This will take some of the pressure off the adults and give younger members of the family an opportunity to demonstrate maturity and responsibility for their actions. This is likely to improve patterns of behaviour Taking responsibility for pets Many families have pets, some of which require regu being groomed. If you have a family pet you could demos by taking on the tasks that ensure its wellbeing. care, attention and control of a pet is Earning money for the family If you are enterprising you might be able to bring money into the { example, you could charge a small fee for doing people in the community. Organizing yourself E lar attention, such as nstrate responsibility The ability to exercise due an important responsibility family. For shopping for older or disabled ing well organized at home is another way of being enterprising, For example, it is better to get up in the morning and get ready lor school by doing things yourself, rather than relying on your parents or other adults People who are enterprising are more likely to be better equipped to manage themselves, so self-management is very important in enterprising behaviour Key points (b) at home. 2. It is also possible to be enterprising at home in many different ways. 1. Explain what is meant by “being enterprising’ Think about the different ways in which you have been enterprising at home in the last six months. Write an outline of three of these. 1 tis possible to be enterprising in many different ways at school. 2 Outline different ways in which people can be enterprising (a) at school and Being enterprising at home 8| [_szamane ovrcomrs J ourcomes = - Leamers should be able to: | ent ways of being enterprising > demonstrate an understanding of dif lyse, how differen and home context > demonstrate an understanding, and an ability t0 ana) | ways of being enterprising can be linked to the schoo @ ios Being enterprising at school and ey Hp | athome fen considering what is Using communication and numeracy skills by communicatio there are many different Enterprising people need to be able and willin nici communication methods, in written and non- ly in enterprise. Nume 8.) forms of communication, Numeracy skills she essential skill for sol also be used effectiv ing problems, (See Units 6.5-6. Using technology for learning Technology ca any different ways. Technolog be used for learning in r aa sina ing, with rapid developments in hardware CGieEe ____— Working in a pair or group, consider different ways in which technology is usef. to entrepreneurs. What are the most significant recent developments in such | technology? Thinking creatively and independently Enterprising people think creatively about different ways to approach anc J Skills signpost | _ solve problems. Using creative thinking. individuals come up with new id 2 or new approaches, often by asking questions, eg, at school, Entreprene Numeracy skills are crucial to may be creative people willing to go beyond traditional methods 10 achieve objectives. They olten have to think independently rather than follow the enterprise, not only in relation tofinance, but to all problems that require a solution. established route Learning independently and as part of a group The learning process involves individuals and groups. Schoo! learning incl group work; learning at home is often as part of a wider social group: the Work in a group. Consider the advantages and disadvantages of working as par | of a group. Ms asmmoduction enterprisein many aspects of life, you need to be willing to step out of your “comfort zone’. ‘a. The importance of communication in enterprise Did you know? peter Drucker, who has written extensively on management and leadership, has said that the most effective leaders never say" This is because they think "We"; they think “team Making reasoned evaluations A key part of being enterprising, evaluation involves comparing different options before coming to a conchusion that is reasoned, logical and can be justified. Linking different kinds of learning and applying them in different settings Many people (at school and at home) operate in situations that are familiar to them, sometimes referred to as th i caer titn however, involves applying learning to new situations, Many important skills needed in enterprise are transferable: they can he used in different situations and contexts. This is why the Skills Signposts in this book “comfort zone”. Be are important Working in a pair or group, consider the sils used in different ways of being enterprising at school and at home. Discuss which of these skills ceuld be transferred to a business situation. Communicating in different ways and in different settings A communication method needs to relate to the setiing. in some sit ‘written communication is more effective, in others non-writien forms of communication are preferable. Visual comn nication can also be important Working in partnership and in teams ‘The qualities and skills of individuals are important, including their ability to work with a partner and in a team, Teamwork is an important feature of lle home and at school. Taking the initiative and lead An important feature of being enterprising is the ability and willingness t take the initiative and lead others. At school, students willing to do this may be rewarded, e.g, by being made head gir! or boy Applying critical thinking in new contexts Critical thinking involves going outside and beyond the established and accepted ways of approaching a problem and. involves the idea of “thinking smarter’. This should lead to improved problem solving and decision making which is crucial in many school subjects. The ability and willingness to apply critical thinking to new contexts is a vital aspect of being enterprising, Creating and developing A dynamic aspect of being enterprising is the ability and willingness to take action. At school this could be creating and developi new projects Solving problems The ability to solve problems, at home and at school, is an important part of being enterprising. Many people sce a problem as a challenge 1o be overcome and approach it in a positive and imaginative way. Being enterprising atecholandathome (ED Lii] Skills signpost ‘Always be willing to apply critical thinking to new contexts in all that you do, Did you know? The author Ayn Rand has said that great creators, e.g, thinkers, artists, scientists and inventors, have stood alone, but they fought for what they believed in and eventually won, Case studies Refer to the five case studies on pages 6-10. Give examples from each case study of different ways of being enterprising. SESE SEE ECE EEE Cree ae Key points 1 There are many different ways of being enterprising home. 2. Each of these can be applied to situations at school and at home. 1 Identify four ways of being enterprising. 2 Explain how each of these four ways of being enterprising can be applied at school and at home. Fee Unit 1 Practice questions 1 Explain what is meant by the term “enterprise”. Give three ways of being enterprising at school or at home ‘Two different ways of being enterprising are: © communicating in different ways and in different settings © working in partnership and in teams. Explain how you have used these two ways t be enterprising either at school or at home, Explain why “applying critical thinking in new contexts” is an important way of being enterprising. (4) 5 Explain the four key questions to ask about the starting of an enterprise. (8)