Enterprise & Entrepreneurship

Enterprise & Entrepreneurship

Enterprise and entrepreneurship involve starting and managing businesses to create value and generate profit by innovating and taking risks.

Enterprise & Entrepreneurship

• An introduction to business
• Qualities of an entrepreneur
• How to be an entrepreneur
• Advertising
• Business logos and slogans

"Entrepreneurship is neither a science nor an art. It is a practice."

- Peter Drucker, Business Visionary.

The Importance of Enterprise & Entrepreneurship

Enterprise and entrepreneurship are crucial because they drive innovation and economic growth. Entrepreneurs create new products and services, solve problems, generate jobs, and contribute to the economy, making communities more vibrant. Learning about enterprise and entrepreneurship equips you with essential skills like problem-solving, creativity, and resilience. These skills help you adapt to a changing world, seize opportunities, and navigate challenges, giving you tools to make a meaningful impact on your career and society.

Relevant data

60%

Of new businesses in the UK do not survive beyond 3 years.

Many UK entrepreneurs are increasingly focusing on building greener businesses. According to recent surveys, more than half of new business founders believe their customers care about sustainability.

14%

Of new businesses in the UK are started by women.

64%

Of working-age individuals in the UK would like to become entrepreneurs.

What do Businesses Actually Sell?

Did you know... A USP means Unique Selling Point, or something that is better about your business than other similar businesses. This is the reason why customers should choose your business first.

• A product which is tangible, meaning you can see and feel it, e.g. a mobile phone, or a pair of trainers.
• A service which is intangible, meaning you can't see it but you can consume it, e.g. a haircut, or a holiday.

Target Market

In order to make money from your business, you need to make sure that your product appeals to the right people. Target Market means who you are aiming your product at. You can describe target marketusing the following criteria: • Age • Gender • Location • Income • Interests • Lifestyle

Can you think of ways businesses could collect primary market research?

Market Research

There are two types of Market Research: Primary Market Research: this is where you go out and do the research yourself, i.e. a questionnaire to ask people important questions. Secondary Market Research: this is where you use information that’s already available, i.e. from the internet.

Interactive question

Qualities of an Entrepreneur

Risk-Taking

Creativity

Entrepreneurs must be willing to take risks to achieve their goals. This doesn't mean being reckless, but rather being able to make calculated decisions that could lead to significant rewards.

Entrepreneurs often come up with new and innovative ideas. Creativity helps them solve problems in unique ways, develop new products or services, and stay ahead of the competition.

Vision

Resilience

Successful entrepreneurs have a clear vision of what they want to achieve. This vision guides their decisions and helps them stay focused on their long-term goals, even when faced with short-term obstacles.

Starting and running a business can be tough, with many challenges and setbacks. Resilience is the ability to bounce back from failures, learn from mistakes, and keep pushing forward despite difficulties.

Famous Entrepreneurs

Do you recognise these famous entrepreneurs?What businesses do they have?

Young Entrepreneur

This pitch by an 18 year old entrepreneur impressed potential investors on Dragon's Den.

Real-Life Entrepreneur Task

Find a real-life example of a famous entrepreneur who embodies each of these qualities. Briefly describe or illustrate how they demonstrate each quality. Example Format:

• Creativity: Describe how they used creativity to solve a problem or create a product.
• Resilience: Describe a setback they faced and how they overcame it.
• Risk-Taking: Describe a risk they took and what the outcome was.
• Vision: Describe their long-term vision and how it guided their business decisions.

You can use a digital tool, such as Canva or Google Slides, to complete the task.

How to be an Entrepreneur

"Every unhappiness is really a new business waiting to be born."

1. Many elderly people struggle with their food shop and have limited digital skills.How might we create a service to help them?

Entrepreneur Task

2. Many mothers with post natal depression struggle with their circumstances and crave emotional support from others in a similar situation, but may be unable to get out and about. How might we create a service to help them?

The video highlighted that a business can be born from a challenge or unhappiness. In small groups, please consider the following challenges and come up with business ideas to help to support them.

3. Many children with disabilities who are in mainstream education don't meet other children in similar circumstances.How might we create a service to help them?

New Business Task

Think of a practical problem that you face in everyday life and write it on a piece of paper. Next, swap papers with someone. Try to solve the other person's problem by coming up with a business idea to help them.

The Secret Science of Advertising

Please watch the video and discuss:

• What makes a good advert?
• Why do companies spend so much money advertising their products?
• What adverts have been memorable for you and why?

Business Logo Examples

Here are some examples of famous business logos. Can you name them?What do you think about the design of each one?

Logo Facts

The Coca-Cola logo hasn't changed much since its creation in 1886, showcasing its timeless appeal.

The Nike Swoosh was designed by a student, Carolyn Davidson, in 1971 and was initially paid only $35 for it. The Google logo is known for its playful and colourful design, and its 'Google Doodles' are a creative way to celebrate events and anniversaries.

Interactive question

Colour Psychology

Colours in logos aren’t just for aesthetics; they evoke emotions and convey messages. For example, blue often represents trust (used by companies like Facebook and Twitter), while red can evoke excitement or urgency (used by brands like Coca-Cola and YouTube).

How to CREATE A sUCCESSFUL Business Logo

Hidden Messages

Simplicity

Logos often have 'hidden' messages. For example, The Amazon logo has a smile from A to Z, indicating they sell everything from A to Z and aim to make customers happy.

The most memorable logos are often the simplest. Think of Nike's Swoosh or McDonald’s Golden Arches.

Design Your Own Business Logo Task

1. Choose Your Business:Think of a business idea that excites you. It could be a real business, a fictional one, or a future business you dream of starting. 2. Start Simple: Begin with basic shapes and colors. Focus on representing the core values and identity of your business. What message do you want your logo to convey? 3. Get Creative: Sketch several versions of your logo on paper or using a digital tool like Canva, Adobe Spark, or even drawing apps on your phone. Experiment with different shapes, fonts, and colour combinations. Provide a brief explanation of your design choices, including the shapes, colors, and how they represent your business’s core values.

Slogans

A business slogan is a short, catchy phrase used by a company to promote its brand, products, or services. It's designed to be memorable and convey the essence or key benefits of what the company offers, helping it stand out in the minds of consumers.

Famous Slogans

Do you know these famous slogans?

6. I'm lovin' it

1. Every Little Helps

7. Taste the rainbow

2. Just Do It

8. Eat Fresh

3. It's finger lickin' good

9. Snap! Crackle! Pop!

4. Because I'm worth it

10. It gives you wings

5. The best a man can get

Further Information

Enterprise & Entrepreneurship

• An introduction to business
• Qualities of an entrepreneur
• How to be an entrepreneur
• Advertising
• Business logos and slogans