Role of Entrepreneur Quiz 1 PDF

Creating and setting up a business Why do people want to start their own business? There are lots of reasons that people want to start their own business We call people in this situation an entrepreneur, they are prepared to take some risks in hope of a reward Watch the video – why...

Creating and setting up a business Why do people want to start their own business? There are lots of reasons that people want to start their own business We call people in this situation an entrepreneur, they are prepared to take some risks in hope of a reward Watch the video – why did Catherine Cunningham want to start her own business? What other reasons might there be to start a business? Setting up a business A small business just needs a good idea and an entrepreneur who wants to make it work. Here are the simplified steps: Step 1: market research, find out what customers want Step 2: start small at a market stall or similar context if possible Step 3: draw up a business plan Step 4: grow the business Watch the video – why did Claire Hamilton start her own business? Setting up an online only business A business can be set up online only and be very successful, for example Amazon when it first started Sales platform websites like eBay and Etsy mean that entrepreneurs don’t even need to have their own website they can sell through a third party Sites like Alibaba can provide suppliers of materials, so the whole business from start to finish can be online Setting up a business with Etsy In an Etsy Economy, creative entrepreneurs can find meaningful work selling their goods in both global and local markets, where thoughtful consumers can discover those goods and build relationships with the people who make and sell them. What would your Etsy shop name be and what would you sell? Setting a business online with A seller lists an item on eBay, from antiques to cars, books to sporting goods. The seller chooses to accept only bids for the item (an auction-type listing) or to offer the Buy It Now option, which allows buyers to purchase the item straight away at a fixed price. In an online auction, the bidding opens at a price the seller specifies and remains on eBay for a certain number of days. Buyers then place bids on the item. When the listing ends, the buyer with the highest bid wins. Can you name 3 alternative sales platforms to eBay? Setting up a business with ASOS marketplace is a selling platform for 750 boutiques, which include people who are selling vintage clothes to independent labels starting out Watch the video – can you explain why this is an ideal business for a student? Have a look at the website – how much is it to set up a boutique? HERE Starting a business as a sole trader To become a sole trader, online or otherwise an entrepreneur will need to register as self- employed for tax If the entrepreneur’s business is B2B then the customers may ask to see evidence that they have registered with the UTR (unique taxpayer reference) code