Well done!
You have now completed the first Session of Unit 1!
By working through this Session, you have learned all about...
- The characteristics, skills and motivations of an entrepreneur
- Financial and non-financial aims and objectives that a business might have
- Different legal structures of a business
- The features of different organisational structures
- How and why a business may restructure its organisation
- Internal and external stakeholders of a business
- The advantages of stakeholder engagement
In the next Session, you will learn all about the marketing mix. Before you move on, let’s test your learning so far with a quick quiz.
Quiz
Use your mouse to drag and drop the correct words into the sentences below.
- Diversification
- Flat
- Community
- Inventive
- Financial
- Tall
- Motivate
- Creatively
- Stakeholder
- Profitability
- Entrepreneurs are often very people. They are able to recognise that consumers need a particular product or service and they can think about how to deliver this product or service.
- Entrepreneurs will have different factors that them to succeed. For example, some will have motivation, while others may be in business for personal/social reasons.
- A business may have financial and/or non-financial aims and objectives. Financial aims and objectives include and break even. Non-financial aims and objectives include expansion, and customer satisfaction.
- If an organisation has a structure, it will have many levels (or layers) of hierarchy. An organisation with a structure will have fewer levels (or layers) of hierarchy.
- A is anyone who has an interest in a particular business. This can be an individual person or a group of people. Examples include customers, suppliers, shareholders and members of the local .