OCR GCSE Business: Role of Business Enterprise and Entrepreneurship (1.1)

Introduction

• This series of videos is updated with new elements like mark schemes and training.
• Focused on OCR GCSE Business, suitable for Year 10 students.
• Short videos covering key information.

Key Terms

Entrepreneur

• An individual who takes risks in setting up or running a business.
• Identifies opportunities for products or services needed by customers.
• Characteristics of entrepreneurs:
  • Determination
  • Creativity
  • Willingness to take risks

Why Do Businesses Exist?

• Provide Goods and Services:
  • Goods: Tangible physical products.
  • Services: Intangible offerings like haircuts or taxi journeys.
• Satisfy Customer Needs: Offering products/services that customers want.
• Profit: Most businesses aim to make financial gains.
• Produce Rival Products/Services: Compete with existing successful businesses.

Developing a Business Idea

• Entrepreneurs identify opportunities and develop products/services.
• Example: A smartphone with better battery life in response to criticism.

Enterprise

• Identifying opportunities and providing products/services that customers will buy.

Characteristics of Entrepreneurs

• Creativity: Solutions to problems, not necessarily artistic flare.
• Risk Taking: Willing to gamble without guaranteed success.
• Determination: Overcoming barriers and problems.
• Confidence: Solving problems and overcoming challenges.

Rewards and Drawbacks of Risk Taking

Rewards

• Financial Gain: Possible monetary success.
• Independence: Running a business without answering to a manager.
• Self-Satisfaction: Ownership and fulfillment in business success.
• Changing Customer Habits: Impacting customer behavior.

Drawbacks

• Financial Loss: Risk of losing money.
• Health Issues: Stress and long working hours can affect health.
• Strained Relationships: Long hours can lead to less time with family.

Conclusion

• Covered key points on the role of business enterprise and entrepreneurship for the OCR GCSE Business curriculum.
• Introduction to characteristics, rewards, and drawbacks of being an entrepreneur.