What you'll learn
Why new businesses are set up and the role of the entrepreneur.
Key ideas
- Enterprise: spotting a gap in the market and meeting customer needs.
- The entrepreneur: risk-taking, organising resources and innovation.
- Risk and reward; adding value.
Exam tips
- Apply ideas to the named business.
- Balance the risks against the rewards.
Common mistakes
- Vague answers with no business context.
- Ignoring the risks of enterprise.