1.1.1 Being an Entrepreneur
Entrepreneurs are the people who start their own business or enterprise. Entrepreneurship is a skill and entrepreneurs take calculated risks …
1.1.2 Entrepreneurial Motivators
Entrepreneurs may be motivated to start their own business for the following factors: Financial (profit as a financial reward) financial …
1.1.3 Entrepreneurial Skills and Attributes
Having certain skills or attributes increases an entrepreneur’s chances of making their business successful. Attribute – Attributes are something that …
1.2.1 Reasons for Aims and Objectives
Aims are the main overall goal of a business or enterprise. Objectives are the little goals that help the business …
1.2.2 Financial Aims and Objectives
Financial aims and objectives are those that are linked to revenue, costs, cash or profit. There are 5 types of …
1.2.3 Non-Financial Aims and Objectives
In addition to monetary aims and objectives, a business may have other aims that are non-financial: Positive Reputation Reputation is …
1.3.1 Legal Structures
There are 6 different types of business ownership: Sole Trader A sole trader is when a business is owned and …
1.3.2 Structural Characteristics
There are two types of structures that businesses can be organised in: tall & flat. A hierarchy shows the layers …
1.3.3 Restructuring
Delayering is when a business removes a layer of management from its organisational hierarchy — it becomes flatter. Redundancy is …
1.4 Stakeholder Engagement
Stakeholders are anybody that has an interest in a business. Stakeholders are impacted by a business’s operations, but they can …