welcome to a new set of videos for OCR GCS business um these are just updated uh videos based on um some different um elements such as mark schemes training things like that so they may include slight changes to the previous videos um that might be worth um looking at I'll still keep the previous videos uh saved on YouTube but I would have a little look at these ones going forward if you're um studying OCR GCSE business I'll create a playlist to put all of these videos in um so let's get started then so uh the role of business Enterprise and Entrepreneurship this is 1.1 so start of unit one so this is right at the beginning probably of your year 10 studies uh most of these videos be pretty short pretty sharp uh just containing the main information that you need to know so few key terms uh that you should know uh entrepreneur the main part about an entrepreneur that you need to know is they somebody that is usually taking a risk uh and setting up or running a business uh sporting an opportunity is usually an entrepreneur looking and seeing um what sort of product or service customers want or need uh finding that opportunity and then looking to sell some sort of product or service to those people um there's a few enterprising characteristics that you need to know that an entrepreneur might have uh things such as determination creativity and being willing to take risks uh so why do businesses exist then um some exist just to provide goods and services so goods are a physical product and Service uh is not a phys not a physical product um so it's intangible you can't touch it such as a hair cut or a taxi Journey um some businesses exist uh to satisfy the needs of customers so customers want something and then for businesses will provide it uh the majority of the time most businesses exist to make a profit so make uh sort of a financial reward for whatever they're doing um some business exist just to produce a rival product or service so maybe they've seen a business do particularly well and they think we can do it better or we can do it at a similar level and then they produce a product or service to compete with them so in terms of developing an idea for a business um once an entrepreneur thinks about an opportunity they will then go ahead and start developing a product or service um so for example it could be um a smartphone and one criticism of smartphones is they got poor battery life so therefore a new business might come along and think oh we can set up a smartphone that's got you know a three or 4 day battery life on it uh so what is enterprise um so Enterprise is seeing that opportunity and then providing a product or service that people are willing to buy uh and this is just an example of the Google Founders there's a few characteristics of entrepreneurs that I've already mentioned so creativity so that's not necessarily obviously like an artistic flare or anything it's it's more to do do with uh you know coming up with solutions to problems uh being a risk taker is one of the key elements of being an entrepreneur so you know taking that risk taking that gamble you know going ahead with it you know you it's not guaranteed that you're going to make money so uh you know take a risk uh determination so when you no doubt hit barriers hit problems overcoming men uh working around them uh that's a key characteristic of an entrepreneur and also confidence you know uh and again that's not necessarily like public speaking or anything but it's the confidence of um when you get hit by a problem do you have a solution to it um when things don't go so well overcoming those problems um so rewards and drawbacks of risk-taking one thing you'll notice here is financial is both a reward and a drawback and that is because if you take a risk it could potentially go well financially for you and you can make uh lots of money or it may not go so well and you could potentially lose money so that's why financials on both sides so let's stick with the rewards then um so it does give you Independence you know if you go ahead set up your own business and and take a risk you don't work for anyone you can operate uh as a soul Trader work for yourself uh be self-employed and then and then set up a business that way and that gives you that Independence especially if you don't like taking orders from managers and things like that gives you a lot of self-satisfaction you know if you set up a business yourself and you have ownership of it uh that can make you feel quite good uh and you can also change customer has bits which can be really rewarding so um for example like if we go back to the Google Founders that has changed how people go about using the internet and purchasing products and that will give them a lot of satisfaction potential drawbacks already talked about financial but also Health elements you know if you're working extremely long hours that can be very stressful and it can lead to uh some problems in health if you work too long hours too stressful situations so that's something to bear in mind and it also can lead to strange relationships because again if you're working really really long hours uh you might not see your family that much especially in the early days of setting up a business that's everything for 1.1 thanks very much