🔹 1. Enterprise

Enterprise is the ability and willingness to take risks and set up a business to make a profit. It involves coming up with ideas and bringing them to life.

👉 Who is an Entrepreneur?

An entrepreneur is a person who:

• Has an idea for a business.

• Takes a risk to start it.

• Organises people, money, and materials.

• Makes key business decisions.

✔️ Characteristics of a Good Entrepreneur:

• Creative – Thinks of new ideas.

• Hardworking – Puts in a lot of time and effort.

• Confident – Believes in themselves.

• Risk-taker – Not afraid to take chances.

• Resilient – Doesn’t give up easily when things go wrong.

• Good communicator – Can explain ideas and lead a team.

🎯 Reasons People Start Businesses:

• Want to be independent and their own boss.

• Want to earn more money.

• See a gap in the market.

• Want to turn a hobby into a business.

• Are unemployed and want to work.

⚠️ Problems New Businesses Face:

• Not enough capital (money to start).

• Few or no customers at the beginning.

• Strong competition from bigger businesses.

• Lack of business knowledge or experience.

• Trouble finding the right workers.

• Legal and tax rules to follow.

🔹 2. Business Growth

Business growth means a business is getting bigger — more sales, more employees, more shops, etc.

✅ Why Do Businesses Want to Grow?

• To increase profits.

• To get more customers.

• To reduce costs using economies of scale.

• To be stronger than competitors.

• To spread risks across more products or markets.

• To gain more influence in the market.

🔹 3. How Do Businesses Grow?

1️⃣ Internal Growth (Organic Growth):

Growth from inside the business. It is slow but steady.

Ways to grow:

• Selling more products.

• Opening new shops or branches.

• Making and selling new products.

• Expanding into new areas or countries.

Example: A small bakery opens three more shops in different towns.

2️⃣ External Growth (Integration):

Joining with or buying another business. Growth is faster.

There are two main ways:

• Merger: Two businesses agree to join together.

• Takeover: One business buys another business.

🔄 Types of Business Integration:

🔸 Horizontal Integration

• Two businesses in the same industry and stage (e.g., two clothing shops merge).

• ✅ Benefits: Less competition, more market share.

🔸 Vertical Integration

• Two businesses in the same industry but at different stages of production.

• Can be:

  • Forward vertical: Towards the customer (e.g., a farmer buys a shop).

  • Backward vertical: Towards the supplier (e.g., a bakery buys a wheat farm).

• ✅ Benefits: More control over the supply chain.

🔸 Conglomerate Integration

• Two businesses in different industries (e.g., a food company buys a mobile phone company).

• ✅ Benefits: Spreads risk, enters new markets.

🔹 4. Why Some Businesses Stay Small

Not all businesses want or need to grow.

Reasons why some businesses stay small:

• They serve a small market (called a niche market)

  
  
  
  

  and i hope this post was useful for u 😉