Unit 1 · Revision notes
Entrepreneurship — NCFE Business & Enterprise revision notes
Content area 1 covers entrepreneurship, business organisation and stakeholders. You need to understand the role of a successful entrepreneur, entrepreneurial motivators, and the skills and attributes an entrepreneur needs, along with the financial and non-financial aims and objectives a business might set. It also covers the six legal structures — sole trader, partnership, franchise, private limited company, public limited company and co-operative — the impact of flat and tall structures, delayering, redundancy and reorganisation, and the internal and external stakeholders a business engages with.
Content area 1: Entrepreneurship, business organisation and stakeholders
Being an Entrepreneur
Entrepreneurs are the people who start their own businesses or enterprises. Entrepreneurship is a skill and entrepreneurs take calculated risks with the aim…
~3 min readEntrepreneurial Motivators
Entrepreneurs may be motivated to start their own business for the following factors: Financial (profit as a financial reward) financial independence - being…
~1 min readEntrepreneurial Skills and Attributes
Having certain skills or attributes increases an entrepreneur's chances of making their business successful. Attribute - Attributes are something that you…
~1 min readReasons for Aims and Objectives
Aims are the main overall goal of a business or enterprise. Objectives are the little goals that help the business to achieve its aim. Think of it as a…
~2 min readFinancial Aims and Objectives
Financial aims and objectives are those that are linked to revenue, costs, cash or profit. There are 5 types of financial aims a business might have…
~2 min readNon-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 the general perception…
~6 min readLegal Structures
There are 6 different types of business ownership: Sole Trader Partnership Franchise Private Limited Company (Ltd) Public Limited Company (PLC) Cooperative…
~5 min readStructural Characteristics
There are two types of structures that businesses can be organised in: tall & flat. A hierarchy shows the layers of management and authority in a business or…
~3 min readRestructuring
Delayering is when a business removes a layer of management from its organisational hierarchy — it becomes flatter. Redundancy is when a business eliminates…
~2 min readStakeholder Engagement
Stakeholders are anybody that has an interest in a business. Stakeholders are impacted by a business's operations, but they can also have an impact on the…
~6 min readThe rest of the course
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