This unit covers The benefits and drawbacks of being an entrepreneur The key characteristics of successful entrepreneurs The contents of a business plan and how plants assist intrapreneurs Why and how government support business start-ups The methods of measuring business size The limitations of the methods of measuring business size Why the owners of a business may want to expand the business Different ways in which businesses can grow The problems linked to business growth and how they might be overcome Why do some businesses remain small The causes of business failure Why new businesses are at a greater risk of failing

The slides cover; The differences between primary secondary and tertiary production The reasons for the changing importance of business classification for example and the developed and developing economies The differences between public-sector and private-sector business Enterprises in a mixed economy

The concepts of need, want, scarcity, and opportunity cost The importance of specialisation The purpose of business activity The concept of adding value and how added value can be increased Contains exam style questions to help you with assessment