3. Enterprise, business growth and size.
Enterprise and entrepreneur
An organization, especially a business, or
a difficult and important plan, especially one that will earn money.
New business started by people are called entrepreneurs.
Ideas for a business are often different, entrepreneurs usually:
1. Have an idea for a new business
2. Are prepared to invest their own savings
3. Accept the risk of failure
4. Want to make all the decisions about the management of the
business.
5. A new idea for a good or service
6. Offering an existing goods or services in a way that has not been
offered before.
7. Offering an existing good or services in a new location.
Features/ characteristics of a successful entrepreneurs.
Innovative
Curiosity/Adaptability Self- motivated and
determined
Self-Confident
Good at networking
Characteristics
of successful
entrepreneurs.
Multi-skilled
Risk taker
Result driven Strong leadership qualities
Initiative
Business-Plan
A business plan includes the cost of organizing the business, the anticipated
sources of revenue, how the products and services are customer oriented, and
anticipated profit margins.
A business plan is a document that defines in detail a company's objectives and how it
plans to achieve its goals. A business plan lays out a written roadmap for the firm
from marketing, financial, and operational standpoints. Both start-up's and established
companies use business plans.
A business plan is an important document aimed at a company's external and internal
audiences. For instance, a business plan is used to attract investment before a company
has established a proven track record. It can also help to secure lending from financial
institutions.
•A business plan is a document describing a company's core business activities and
how it plans to achieve its goals.
•Start-up companies use business plans to get off the ground and attract outside
investors.
•A business plan can also be used as an internal guide to keep an executive team
focused on and working toward short- and long-term objectives.
•Businesses may create a lengthier traditional business plan or a shorter lean start-
up business plan.
•Good business plans should include an executive summary and sections on
products and services, marketing strategy and analysis, financial planning, and a
budget.
Business Plan
The business The market Objectives Financial forecasts
Opportunity
Business plans are important for sharing the vision of your business with
stakeholders and other relevant bodies. It can demonstrate that you
haven’t just considered the results of starting a business, but you’ve also
created a detailed plan to get your business from idea to execution.
An effectively written business plan can be used as a persuasive tool to
help others understand and meet your business goals. This could include
convincing potential investors to finance your business. It can also help
you form additional strategic partnerships after you’ve been established.
How business plans assist entrepreneurs.
1.Persuade lenders such as banks and investors.
2.Objectives
3.Number of employees needed
4.Resources required
5.For planning and development of business
Why and how governments support business start-ups.
The aim for most governments around the world should be to encourage new
business start-ups because of the benefits they bring to the country’s economy.
Small businesses are very important to most economies throughout the world. In
some countries, roughly 99% of all businesses in the economy are small and
medium-sized businesses. And among them, most of the businesses are micro-
businesses employing less than ten people, or sole traders . The benefits include:
The benefits include:
1.Job creations
2.Bringideas for goods and services
3.Knowledge about the competitors.
4.Scope of expansion and growth
Measuring business size
