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1.1 The role of business enterprise and entrepreneurship Categorise
Target Level
4-5
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0
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Business risk
Business reward
Starting a business can mean that the business owner may have to invest their own money.
Starting a business means that the entrepreneur gets to do something they enjoy or are passionate about as a career.
If the entrepreneur is a sole trader then they will get to keep all the profits that they make.
Starting a new business is expensive and can require finance from the business owner's possessions; if the business fails, the owner would lose money.
The business owner may put their own assets into the business, e.g. a van.
A business may be started as a social enterprise and aim to help the community or the planet in some way.
If an entrepreneur starts a business they may find that it takes up all of their time.
Starting a business can mean that the entrepreneur has a legacy to leave to their children.
If the business owner becomes ill, there could be problems keeping the business open, and it may gather debts.
If the entrepreneur starts their own business, they can work the hours they choose and take holidays when they want.
Working for themselves, the business owner will not be able to guarantee a regular income.
If consumer incomes fall, then the business may suffer from lower sales.
Starting a business may mean that the entrepreneur has the opportunity to be more creative and can make the job much more interesting.
An entrepreneur can gain great satisfaction from starting a new enterprise.
The entrepreneur may have to give up their current paid employment to start their own business.
If the business is sole trader then they have “unlimited liability”, which means that the business owner could lose their personal assets to pay the business's debts.
The business owner would get to be their own boss, and so they can make all the major decisions in the business and have control over it.
The entrepreneur may make more money working for themselves than for another business.