Entrepreneurship Motivation and Business Start-up

Reading the chapters helps understand the theory and real-life examples.

Finding specific topics using the index helps you focus on the content you need.

Practicing exam-style questions with real business examples helps prepare for the exam.

Testing yourself with multiple-choice questions helps evaluate your understanding.

The glossary provides a comprehensive list of key terms from the specification.

Includes mini-mock exams at the end of each chapter, allowing you to practice exam-style questions.

Real-life examples are incorporated throughout the chapters to enhance understanding.

Includes multiple-choice questions at the end of each section, enabling quick self-assessment.

A new product that introduces a small change to an existing product, like a new flavour or colour.

A product that is completely new and game-changing, like the iPhone or the Dyson vacuum cleaner.

Asking 'Why not?' to challenge existing ideas and imagine alternatives.

The ability to generate new ideas and solutions, often by looking at the world differently.

Sharing your ideas effectively with others to bring them to life.

A reflector on roads that uses a small, reflective sphere to improve visibility at night, invented by Percy Shaw.

The process of taking an idea and turning it into a tangible product, often requiring resources such as money and skills.

A new product or innovation can be categorized on a scale ranging from a minor change to a dramatic innovation.

The feeling of satisfaction from accomplishing something meaningful. This is a key motivating factor for entrepreneurs who are willing to take the risk of starting their own businesses.

The desire to be in charge and make decisions independently. Entrepreneurs value autonomy and controlling their own work environment.

Entrepreneurs often start with a trial period of small-scale operations, testing their business idea before committing significant resources.

A business plan is a document outlining the goals, strategies, financial projections, and funding needs of a new venture. A well-structured business plan can greatly increase the chances of securing investment and attracting partners.

A franchise is a business model where an individual purchases the rights to operate a local branch of an already established and successful business.

Social enterprises are businesses that aim to make a positive social impact along with generating profits. They often prioritize ethical practices and contribute to social causes.

Raising capital refers to obtaining funds to support the start-up or expansion of a business. This can involve seeking investments from individuals, venture capitalists, banks, or other sources.

The desire to make a large amount of money is a powerful motivator for entrepreneurs, often driving them to pursue profitable ventures.

The risk of losing money or other valuable assets when starting or running a business.

The potential for a business to make a profit and grow.

The most common risks for new businesses include competition, insufficient funding, and changes in market conditions.

Businesses need to be profitable to cover their expenses and generate a sustainable income.

Financial losses can occur if a business fails to achieve profitability.

When a business fails, suppliers who have provided goods or services may not be paid.

Workers employed by a failing business may lose their jobs and income.

The risk of losing money or other assets is higher for individuals with significant financial commitments.

A situation where the outcome is uncertain and might result in negative consequences, especially related to finances.

The possibility of achieving great financial success and wealth, often through entrepreneurial ventures.

The ability to take bold actions despite possible downsides, essential for achieving significant goals.

A payment received regularly for work done, providing a predictable income stream.

A business venture initiated by an individual or a small group with a high potential for growth and profit.

The process of selling a company or a portion of it to external investors.

A period of time when financial resources are scarce and uncertain, common in the early phases of a business.

The ability to sell a successful business for a significant amount of money, often achieved through stock market listings.

Excitement in starting and building a business comes from taking risks and learning new skills. This creates a sense of achievement and progress, motivating entrepreneurs.

The desire to be independent and make decisions without being controlled by others can drive people to start their own businesses.

Starting and running a business involves taking risks, as the outcome of decisions is uncertain.

Successful businesses analyze potential risks and assess their impact, creating plans to manage them.

The potential loss of revenue and market value if a football team is relegated from the Premiership.

The chance of relegation is calculated based on the number of relegation spots and the total number of teams.

Smart club chairmen create plans to mitigate the financial impact of potential relegation.

The need for a plan to address potential risks and mitigate their impact, ensuring business sustainability.