1.1.3 The role of business enterprise - Amazon S3 · PDF file1.1.3 The role of business...
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1.1Enterpriseandentrepreneurship
1.1.3Theroleofbusinessenterprise
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Keyelementstothistopic
Reasonsforstartingabusiness
Businessenterpriseand
entrepreneurship
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Purposeofbusiness
Businessexiststoproducegoods andservices onacommercialbasisto
customers
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Whataregoodsandservices?
Goods
• Goodsareactualobjects.
• Theycanbetouched,feltandheld.
• Theyareproducedandconsumed.
Services
• Servicesareactivities.
• Theyareprovidedforyoubyotherpeopleorbusinesses.
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Whatisabusiness?
Whichofthesearegoodsandwhichareservices?
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Justaminute
Youhave60secondstowritedown2thingsyou
needand2thingsyouwant
Whatisthedifferencebetweenthetwolists?
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Whatareneedsandwants?
Needs• Needsarethosegoodsandservicesthatwehavetoconsumeifwearetolive.
• Theseincludefood,shelterandwarmth.
Wants• Wantsaregoodsandservicesthatwewouldlike,butdonothavetoconsumeinordertosurvive.
• Theseincludeholidays,smartphones,entertainmentandotherluxuriesthatwemaylike,butdonotneed.
Inordertosatisfycustomersabusinessneedstoidentifyitscustomersneedsandwants.
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Whatisenterprise?
Theterm“enterprise”hastwocommonmeanings.
Firstly,anenterpriseissimplyanothernameforabusiness.
Secondly,andperhapsmoreimportantly,enterprisedescribestheactionsofsomeonewhotakesariskbysettingup,investinginandrunning
abusiness.
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Whatisanentrepreneur?
“someonewhotakesacalculatedriskthroughstartingabusiness.”
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Whatisanentrepreneur?
•taketheinitiativeintryingtoexploitabusinessopportunity.
•taketimetounderstandandcalculatetherisksinvolved.
•makeaninvestment,oftenoftheirownmoney,tosetupthebusiness.
•goahead,despitetheriskthatthebusinessventuremightfail.
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TheEntrepreneur(s):AlanandGaryKeery,CerealKillerCafé
World’s first international cereal café offering 120 different cereals.
They sell British, American and global cereals.
The idea came to them one morning when they had a craving for cereal.
Give3possiblereasonswhyAlanandGarydecidedtosetuptheirownbusiness
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Reasonsforstartingabusiness
Makingaprofit
Investingmoney
Work-lifebalance
SkillsandInterest
Beingtheirownboss
Canyouthinkofanyotherreasons?
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AddingValue
Inputs OutputsTransformationProcess
Addingvalueisthetransformationprocessdescribeswhathappensinsidethebusiness.Thisiswherevalueis
addedtoinputstocreateoutputs
Abusinessseekstoaddvaluetotheproducts/servicesitprovides
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Whatismeantby“AddingValue”?
Addingvalue=thedifferencebetweentheprice ofthe
finishedproduct/serviceandthecost oftheinputsinvolvedinmakingit.
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ExampleofValueAddedCalculation
Salesrevenue1,000unitssoldfor£20each
=£20,000revenueCosts
Tomake1,000units:Rawmaterials- £7,500
Labour- £5,000Otherproductioncosts- £2,500
Totalcosts=£15,000Addedvalue£20,000less£15,000
=£5,000
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WaystoAddValue
• Buildabrand• Deliverexcellentcustomerservice• Addproductfeaturesandbenefitsthatcustomerswant
• Operateefficiently
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www.cerealkillercafe.co.uk
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CerealKillerCafe
Whatgoodsandservicesdoes theCerealKillerCaféprovide
What customerneedsisthebusinessmeeting?
Howhavetheyaddedvaluetotheirbusiness?
ReadthearticleontheCerealKillerCaféandvisittheirwebsite.Notedownthefollowing:
Caféofferingachoiceof120differentbreakfastcereals
ConvenientandquickalternativeforbreakfastWidechoiceofqualitycerealsQuirkyanddifferentsurroundingsGoodcustomerservice
Strong,funbrandwithpersonalityUSPcreated– cafésurroundingsandfoodofferedSourcingunusualcerealsnotwidelyavailable
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Addingvaluetoabiscuit
Crumbsareanindependentbiscuitmanufacturerwhospecialiseinhandmadeshortbreadbiscuits.Facingincreasedcompetitionfrommajorbiscuitmanufacturerstheyneedtocomeupwithaplanofhowtheycanremaincompetitive.
Workinginpairs,youneedtoidentifythreepossibleways,Crumbscouldaddvaluetotheirshortbreadbiscuits.
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BusinessBenefitsofAddingValue
• Chargeahigherprice• Createapointofdifferencewithcompetitors
• Protectionagainstcompetitorsofferinglowerprices
• Focusesbusinessonitstargetmarketsegment
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Whatisenterprise?
Theterm“enterprise”hastwocommonmeanings.
Firstly,anenterpriseissimplyanothernameforabusiness.
Secondly,andperhapsmoreimportantly,enterprisedescribestheactionsofsomeonewhotakesariskbysettingup,investinginandrunning
abusiness.
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Whatisanentrepreneur?
“someonewhotakesacalculatedriskthroughstartingabusiness.”
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Whatisanentrepreneur?
•takestheinitiativeintryingtoexploitabusinessopportunity.
•takestimetounderstandandcalculatetherisksinvolved.
•makesaninvestment,oftenoftheirownmoney,tosetupthebusiness.
•goesahead,despitetheriskthatthebusinessventuremightfail.
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Start-UpCaseStudy– LoveCocoa
Wheretheideacamefrom
“IwassearchingforanonlineservicethroughwhichIcouldpostachocolategiftdirectlytomyMumforherbirthday,butIcouldnotfindaservicewhichwasnextdayandthatfittedthroughtheletterbox.Mostretailersrequireitemstobesignedforandthatruinsthesurprise.”
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ThenextslideshowsanumberofentrepreneurialskillsandcharacteristicspickthethreeyoubelievewillbethemostimportantforJamestoshowtomakethestartupofLoveCocoasuccessful
LoveCocoawaslaunchedinJune2016
Anonline,ethical,handmadechocolategiftcompany.Eachbardesignedtofitthroughtheletterboxalongsideacard,withfreenextdaydelivery.
LoveCocoa
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MostimportantcharacteristicsforJamestoshow?
Canyouidentifyanyothers?
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Howmanyentrepreneursonthenextslidecanyou
name?
Whathasmadethemsuccessful?Whatqualitiesdotheyhaveincommon?
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RichardBransonVirgin
Startedmailorderrecordcompany
Startupcapital£300
JamesDysonInventorandfounder
DysonTechnologicalchangeandinnovationkeytosuccess
ofthebusiness
ElonMuskTech
entrepreneurTeslaMotors,Paypal andSpaceX
DeborahMeadonGrewherfamilyleisure
andholidayparkbusiness,Weststar
OprahWinfreyHarpoInc
TVpresenterandmulti- mediaentrepreneur
RichardReedCo-founderofInnocentdrinks
CharlesDunstoneCarphoneWarehouse
Stelioshaji-ioannouFounderofeasyJet
easyGroup nowcontainsmanydifferentbusinesses.Canyounameanyothers?
MarkZuckerbergFacebookCo-founder
DeniseCoatesFounderofonlinebetting
company,bet365
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WatchthecliponRichardBranson,whatentrepreneurialskillsandcharacteristicsdoesheshow?
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Ataleoftwoentrepreneurs
JamesandRichardareatdifferentstagesoftheirentrepreneurialjourney.Howdotheentrepreneurialskillscompare?Aretherecharacteristicswhicharelikelytobemoreimportantthanothersgiventhestageoftheirbusinessesandcareers?Justifyyourthoughts.
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Summary– whatmakesagoodentrepreneur?
Innovative
Risk-takers
Hardworking
Organised
Persuasive
Leadershipskills
Lucky
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