Entrepreneurship and Business Setup

Creating and Setting Up a Business

• Starting a business involves entrepreneurs taking risks to potentially gain rewards.
• Entrepreneurship is a situation where people are prepared to take risks in hope of a reward.
• People start businesses for various reasons.
• Video examples illustrate motivations behind starting businesses.

Setting Up a Business

• A small business needs a good idea and entrepreneurial drive to succeed.
• Simplified steps for setting up a business include:
  • Market research to understand customer needs.
  • Starting small (e.g., at a market stall).
  • Developing a business plan.
  • Growing the business.
• Videos show examples of how entrepreneurs approach starting a business.

Setting Up an Online-Only Business

• Businesses can be entirely online and successful.
• Examples include platforms like Amazon, eBay, and Etsy, which allow entrepreneurs to sell goods without a physical storefront.
• Sites like Alibaba provide material suppliers, enabling a fully online business process.

Setting Up a Business with Etsy

• Creative entrepreneurs can use Etsy to sell goods globally and locally.
• Etsy connects thoughtful consumers with makers, fostering relationships between seller and customer.
• The platform creates opportunities to build a business.

Setting a Business Online with eBay

• eBay allows sellers to list items (from antiques to cars).
• Sellers can choose auction-type listings or a Buy It Now option.
• Online auctions allow bids for items until the listing period ends, when the highest bidder wins.
• Alternative platforms to eBay are desired to improve options for sales.

Setting Up a Business with ASOS Marketplace

• ASOS marketplace allows 750 boutiques (including vintage and independent fashion).
• Videos explore why selling on the ASOS platform may be an ideal business for students.
• Website details (about setting up a boutique) are provided for investigation.

Starting a Business as a Sole Trader

• Registering as a sole trader (or online entrepreneur) requires self-employment tax registration.
• For B2B businesses, clients might require proof of registration (Unique Taxpayer Reference -UTR).

This quiz explores the essentials of starting and setting up a business, including the motivations of entrepreneurs and the steps involved in establishing both physical and online businesses. Through video examples and simplified guidelines, it highlights how research and planning are crucial for success in entrepreneurship.