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Business Studies IGCSEPDF 37
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Chapter 3: Enterprise, Business Growth
and Size
➢ Entrepreneur:apersonwhoorganises, operates andtakestheriskforanew
business venture.
Advantages of being an Entrepreneur
Independence - able to choose how to
use time and money
Able to put own ideas and skills into
practice
May become famous and successful
May be profitable and income might be
greater than being an employee
Disadvantages of being an Entrepreneur
Risk - many new entrepreneurs’ businesses
fail, especially if poorly planned
Capital - a lot of finance is required
Lack of knowledge and experience
Opportunity cost - lost income from not
being an employee of another business
Characteristics of entrepreneurs:
1. Hard working
2. Risk taker
3. Creative
4. Optimistic
5. Self-confident
6. Innovative
7. Independent
8. Effective communicator
➢ Business Plan: A document containing business objectives and details about
operations, finance, and owners.
Characteristics of a business plan: