English Literature

ENTERPRISE AND ENTREPRENEUR.

Enterprise is a combination of attitudes and skills that helps an individual turn n idea into reality.
A good entrepreneur must be:
* Self determination, persuasive.
* Creativity, innovative.
* Initiative, motivation.
* Leadership, hard work.
* Calculated risk taker (analytical and mental ability).
Key motivators for entrepreneurs:
*Control over working life.
* Spotted an opportunity.
* Building on experience as employee.
* Made redundant.
* To take money.

Government support for enterprise:
Over 40% of those who wants to start a business, only 2% get funding in this way. (= 1 new business in 50).
This support comes from the Business Link Network with one free consultation with an expert. A mentor is anexperienced advisor, to be there when needed.

Social Entrepreneurs are for those who use their business skills to start an organization with the goal of making the world a slightly better place.

Calculated risks are risks decisions based on a careful comparison of the risk set against the rewards expecting from a decision.

Identifying Business Opportunities.

* Generating business ideasis usually based on a good understanding of consumer tastes and/or the needs of the retail trade.
* Observation, thinking ahead.
* Brainstorming.
* Ideas from personal or business experience.
* Innovation.

* Spotting an opportunity – society changes constantly with different attitudes of fads that work out the generations.
* Changes to society.
* Changes toeconomy.
* Local Housing Market.
* Small budget research.
* Geographical mapping.
* Produce a market map, it may have a market niche to itself.
* Check on prices, student discounts, special deals…
* To help understand the costumer and the way the service is provided.
* Market mapping.
* Identify the keyfeatures that characterize consumers within a market.
* Every brand should be placed on a grid, this will reveal where the competition is concentrated and may reveal some gaps in the market.

* Franchise instead of starting a new business:
* The business idea may not be good.
* It can be copied by other firm rushing into the market.
* A good idea can be wrecked if theproduct or service disappoints the costumer.
Many of these problems can be avoided if the entrepreneur goes for a “halfway house” towards running their own business .The franquisor provides full training for the franchisee (entrepreneur) plus advice, supplier contacts for store decoration, display and huge marketing support.
To start selling franchises in your own business becomespossible only when its success is clear and quite long established. It is needed:
* Training programme.
* Pricing System – Profitable without putting off potential franquises.
* Monitoring System – poorly run franchises must not damage the reputation of the brand.

To become a franquise = freedom and independence on decision making.
Buying into a franquise:
* makes thestart-up much safer, the business has a national reputation from day one.
* Pitfall- A franchisee is the boss of the business, but without the normal freedoms of decision making.
* Benefit- It could be a wonderful training towards becoming a full entrepreneur.

* It is important in a new business idea to think about its unique features and the response of costumers BUT ALSO HOW EASY IT IS TOCOPY.

Building demand & Managing supply

Demand-measures the level of interesr customers have in buying a product.
To be effective, that interest must be backed up by the ability to pay.
Supply is the quantity of a product that producers are able to deliver within a specific time period.
What makes a market? a place in a street or square where buyers and sellers came together....