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In Course: GCSE Business (Edexcel): Paper 1 - Investigating Small Business

GCSE Business: 1.1 Enterprise and entrepreneurship

Covers the dynamic nature of business, including how new ideas arise and adapt to change. Explores the concepts of risk and reward for entrepreneurs, focusing on financial risks like lack of security and business failure, and rewards like profit and independence. Defines the role of business enterprise in producing goods, providing services, and adding value.

A single, vibrant green sapling vigorously pushing its way through a crack in a weathered concrete sidewalk, dramatically lit by a warm, golden sunbeam. This wide-angle photograph captures the resilient spirit of new enterprise, symbolizing growth, risk, and the pursuit of independence against challenging odds.

Management & Tools

Deck Contents

28 Cards
Lesson#1
Welcome to your GCSE Business course. In this first deck, we'll explore the very foundations of business: enterprise and entrepreneurship. You'll learn what it means to be an entrepreneur, the risks they take, the rewards they can earn, and how businesses create value in our economy. Mastering these core ideas is the first step to success in your exam.
Lesson#2
Let's start with the word 'enterprise'. It's not just another word for a business. Enterprise is about having an idea and taking the initiative to make it happen, often spotting an opportunity that others have missed. It's the 'get up and go' attitude that turns a concept into a reality.
Quiz#3
In a business context, what term describes the initiative to start a venture to make a profit?

enterprise

Lesson#4
So if enterprise is the action, who is the person taking that action? That's the entrepreneur. An entrepreneur is an individual who takes on the financial risks of starting and managing a new business venture. They are the driving force, combining resources to produce goods or services.
Quiz#5
What is the term for an individual who takes the financial risk of starting and managing a new business?

entrepreneur

Lesson#6
The world of business never stands still. It's constantly changing. This is what we mean when we say business is 'dynamic'. For your exam, you need to understand that successful businesses must adapt to these changes to survive and thrive. Two of the biggest drivers of change are technology and customer tastes.

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