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EnglandBusiness

1.1 Enterprise and entrepreneurship

3 dot points across 3 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What does an entrepreneur stand to lose, and to gain, by starting a business?

Risk and reward: the impact of risk (business failure, financial loss, lack of security) and reward (business success, profit, independence) on business activity and on the decisions an entrepreneur makes.
A focused answer to Edexcel GCSE Business 1.1.2, covering the impact of risk (business failure, financial loss, lack of security) and reward (business success, profit, independence) on business activity and entrepreneurial decisions.
6 min answer →

Why do new business ideas come about, and where do they come from?

The dynamic nature of business: why new business ideas come about (changes in technology, changes in what consumers want, products becoming obsolete) and how they come about (original ideas, and adapting existing products, services or ideas).
A focused answer to Edexcel GCSE Business 1.1.1, covering why new business ideas come about (technology, changing consumer wants, obsolescence) and how they come about (original ideas and adapting existing products, services or ideas).
6 min answer →

What is the purpose of a business, and what exactly does an entrepreneur do?

The role of business enterprise and the purpose of business activity (to produce goods or services, to meet customer needs, to add value through convenience, branding, quality, design and unique selling points), and the role of the entrepreneur (organising resources, making decisions, taking risks).
A focused answer to Edexcel GCSE Business 1.1.3, covering the purpose of business activity (producing goods and services, meeting customer needs, adding value) and the role of the entrepreneur in organising resources, making decisions and taking risks.
7 min answer →