1.3.1 Enterprise and Entrepreneurship
Instruction :
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Go through all instructions and course details thoroughly before starting each lesson or activity.
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Watch the attached video lessons attentively and take clear, organized notes in your notebook.
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Write all answers for the attached worksheets in your notebook. Make sure your work is neat and properly labeled.
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Revise your notes and completed worksheets after each lesson to reinforce understanding.
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If you face any difficulty or have questions, note them down and contact your instructor or course coordinator for guidance.
Click to download the Video Lecture Handout.
Good morning class. Today we are going to talk about enterprise and entrepreneurship. These words may sound big, but they are actually very simple once you understand them. Enterprise is basically the ability to take risks and bring together resources like land, money, and workers to make products or services. Entrepreneurship is when someone actually does it, starting a business and taking on the financial risk with the hope of making a profit. An entrepreneur is simply the person who comes up with a new idea, organises the resources, and takes on the risk of starting and managing the business. Think about the person who created Netflix. They changed how we watch movies and TV shows. That is entrepreneurship in action.
Now not everyone who starts a business becomes successful. There are certain qualities that many successful entrepreneurs share. The first is innovation, which means coming up with new ideas, products, or services. A good example is the rise of food delivery apps that made ordering food easier. The second is risk-taking. Entrepreneurs often invest their own money even though there is no guarantee of success. The third is self-confidence and determination. They believe in themselves and keep going even when sales are low or things are tough. The fourth is initiative and decision-making. They act quickly and make smart choices, like deciding to move their business online when the market changes. And finally, leadership. Entrepreneurs need to motivate and manage their staff, like a café owner keeping their small team inspired and organised.
Before an entrepreneur launches their business, they usually write a business plan. This is like a roadmap that explains the business goals, what products or services will be offered, who the customers are, the marketing strategy, the operations, and the financial forecasts. A business plan is important because it helps secure loans from banks, it identifies risks in advance, and it keeps the business on track. Imagine someone wants to open a bakery. Their business plan would include expected sales, costs, and how they plan to compete. Without this plan, it would be hard to convince a bank to lend them money.
Governments also play a role in supporting new businesses. Why do they care? Because small businesses create jobs, bring new ideas, and grow the economy. To help, governments sometimes provide grants or subsidies, which are funds that do not need to be repaid. They also offer training and advisory services, like workshops to teach business skills. Some governments make it easier to borrow money by giving low interest loans or loan guarantees. In certain areas, they even set up enterprise zones, where start-ups get benefits like cheap rent, free internet, or tax breaks. All of this makes it easier for people to start and run their businesses.
Once a business is running, the next goal is usually growth. This can happen in two ways. Internal growth happens when a business expands its own operations, sells more, or hires more staff. For example, a small clothing brand might open more shops or start selling online. External growth happens when businesses merge with or take over other businesses. For instance, when Facebook bought Instagram, that was external growth. We can measure the size of a business by looking at the number of employees, the sales turnover, the market share, or the amount of capital invested. And why do businesses want to grow? To make more profit, to compete more strongly, to lower costs by producing on a larger scale, and to reduce risk by entering new markets. For example, if a juice company also sells bottled water, they spread their risk in case juice sales go down.
So let’s finish with a quick recap. Enterprise is about risk-taking and organising resources. Entrepreneurship is about actually starting and running a business. Successful entrepreneurs are usually innovative, confident, determined, decisive, and good leaders. A business plan is like a roadmap that helps guide the business and attract finance. Governments support start-ups with money, advice, training, and special zones. And finally, businesses grow either internally or by joining with others, aiming to increase profits, reduce costs, and stay competitive. If you can remember these key points, you have understood how entrepreneurs drive businesses and how businesses grow. Well done everyone.
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