Podcast
Questions and Answers
Max felt there was a gap in the ______.
Max felt there was a gap in the ______.
market
Max has been running ______ to the Max successfully for just over two years.
Max has been running ______ to the Max successfully for just over two years.
Relax
Max rents a small ______ located on a busy high street.
Max rents a small ______ located on a busy high street.
shop
Max has attracted some clients from his local ______, who found out that Max was offering more tailored treatments.
Max has attracted some clients from his local ______, who found out that Max was offering more tailored treatments.
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Max promotes his services by distributing ______ to houses in the local area.
Max promotes his services by distributing ______ to houses in the local area.
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Max was working an extra ______ hours a week compared to when he was working in other salons.
Max was working an extra ______ hours a week compared to when he was working in other salons.
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In the secondary sector private enterprises provide us with a massive amount of ______
In the secondary sector private enterprises provide us with a massive amount of ______
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The tertiary sector involves the provision of ______ to consumers and businesses
The tertiary sector involves the provision of ______ to consumers and businesses
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In the UK, the primary sector accounts for about ______ of the UK GDP
In the UK, the primary sector accounts for about ______ of the UK GDP
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Entrepreneurs are ______ creators, as they provide new products which can be sold, thereby boosting demand and spending in the economy
Entrepreneurs are ______ creators, as they provide new products which can be sold, thereby boosting demand and spending in the economy
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In the UK economy, over ______ of the workforce is employed in the tertiary sector
In the UK economy, over ______ of the workforce is employed in the tertiary sector
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On average, SMEs give ______ per cent of their turnover, equivalent to £32,000 a year
On average, SMEs give ______ per cent of their turnover, equivalent to £32,000 a year
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James Roupell initially accepted a joint offer of £50 000 in exchange for a ______ per cent stake in his business.
James Roupell initially accepted a joint offer of £50 000 in exchange for a ______ per cent stake in his business.
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James Roupell appeared on an episode of the ______ programme.
James Roupell appeared on an episode of the ______ programme.
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James Roupell is the founder of ‘______ Buddies’.
James Roupell is the founder of ‘______ Buddies’.
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James Roupell gave up the deal when he left the ______.
James Roupell gave up the deal when he left the ______.
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James Roupell felt under ______ at the time when he accepted the deal.
James Roupell felt under ______ at the time when he accepted the deal.
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Deborah Meaden and Peter Jones jointly offered to invest in James Roupell’s business.
Deborah Meaden and Peter Jones jointly offered to invest in James Roupell’s business.
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With reference to the Dragon's offer of £50 000 in exchange for a ______ per cent stake in the business, calculate their estimated value of the 'Bobo Buddies' business.
With reference to the Dragon's offer of £50 000 in exchange for a ______ per cent stake in the business, calculate their estimated value of the 'Bobo Buddies' business.
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Dominic has been helping his grandmother run a small-scale business from her home making celebration ______ for special occasions such as birthdays and weddings.
Dominic has been helping his grandmother run a small-scale business from her home making celebration ______ for special occasions such as birthdays and weddings.
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His grandmother wants to retire and let Dominic take over the business as Dominic has always wanted to become an ______.
His grandmother wants to retire and let Dominic take over the business as Dominic has always wanted to become an ______.
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He is very passionate about what he does and is grateful to her as there are very few job ______ in the area.
He is very passionate about what he does and is grateful to her as there are very few job ______ in the area.
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Dominic helped his grandmother develop his ______-making skills which he further improved by completing a catering course at a local college.
Dominic helped his grandmother develop his ______-making skills which he further improved by completing a catering course at a local college.
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Dominic's grandmother helped him develop his ______ skills which he further improved by completing a catering course at a local college.
Dominic's grandmother helped him develop his ______ skills which he further improved by completing a catering course at a local college.
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A business plan provides information about a new ______ or venture.
A business plan provides information about a new ______ or venture.
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The business plan should describe in detail the ______ opportunities the business intends to exploit.
The business plan should describe in detail the ______ opportunities the business intends to exploit.
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The purpose of the business plan may be to provide a sense of ______ and purpose.
The purpose of the business plan may be to provide a sense of ______ and purpose.
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The key elements of a business plan include the ______ or executive summary.
The key elements of a business plan include the ______ or executive summary.
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The market research carried out needs to establish the size of the ______, the needs of the customers and the level of competition.
The market research carried out needs to establish the size of the ______, the needs of the customers and the level of competition.
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The marketing plan should be based on both field and ______ research.
The marketing plan should be based on both field and ______ research.
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Study Notes
Entrepreneurship
- Max, an entrepreneur, identified a gap in the market and started a business, "Relax to the Max", which has been successful for over two years.
- Max works 20 hours extra per week compared to his previous job and has attracted clients from local competitors by offering tailored treatments and discounts for loyal customers.
Sectors of Economy
- Primary sector: accounts for about 10% of the UK GDP, involves extracting natural resources such as mining and farming.
- Secondary sector: accounts for around 10% of the UK GDP, involves manufacturing and processing goods such as cars and food.
- Tertiary sector: accounts for about 78% of the UK GDP, involves providing services to consumers and businesses such as cinemas, banks, and gyms.
Importance of Entrepreneurs/SMEs to the UK Economy
- Wealth creators: entrepreneurs provide new products, boosting demand and spending in the economy.
- Job creators: as entrepreneurs build their business, they create jobs, resulting in higher levels of employment in the UK economy.
- Society builders: entrepreneurs often give back to society through charitable giving or work with local communities, with SMEs giving an average of 1.8% of their turnover, equivalent to £32,000 a year.
Entrepreneurial Characteristics
- James Roupell, founder of "Bobo Buddies", is regarded as an entrepreneur because he took risks and demonstrated innovation and adaptability.
- The Dragon's offer of £50,000 in exchange for a 40% stake in the business values the "Bobo Buddies" business at £125,000.
Business Planning
- A business plan is a statement that outlines how a business will achieve its aims and objectives.
- Key elements of a business plan include:
- Overview or executive summary: a clear description of the business idea and its overall aims and objectives.
- Marketing plan: based on field and desk research, establishing the size of the market, customer needs, and level of competition.
- Purpose: to provide direction, assess strengths and weaknesses, convince creditors or investors, and provide market and financial information.
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Description
Discover the different economic sectors that shape our economy, from the production of goods to the provision of services. Learn about the private enterprises that contribute to our daily lives.
