Key term
Edexcel GCSE Business 1BS0
Enterprise and Entrepreneurship
Spotting a Business Opportunity
Putting a Business Idea Into Practice
Making the Business Effective
Understanding External Influences on Business
Growing the Business
Making Marketing Decisions
Making Operational Decisions
Making Financial Decisions
Enterprise and Entrepreneurship
- 3 subtopics
- 9 things to know
- Paper 1
What Enterprise and Entrepreneurship covers
Enterprise and Entrepreneurship is examined in Paper 1, Investigating small business (Theme 1). It covers the dynamic nature of business, risk and reward and the role of business enterprise.
Where it is assessed
Paper 1
Theme 1, Investigating small business, 1 hour 45 minutes and 50% of the GCSE.
Check the Pearson Edexcel specification ↗The 3 subtopics
Each one has its own page.
- The dynamic nature of businessWhy business is dynamic, how technology, changing wants and obsolete products create new ideas, original ideas against adapted ones, and how online shopping reshaped the high street.Open →
- Risk and rewardThe risks of starting up, from failure and financial loss to losing a regular wage, the rewards of profit, independence and success, and how an entrepreneur weighs one against the other.Open →
- The role of business enterpriseThe purpose of business activity, goods and services, added value and the five ways to create it, the unique selling point, and the three roles of an entrepreneur.Open →
What you need to know
Answer each one before you reveal it.
Your recallNot started
Key term
Name three risks an entrepreneur faces when starting a business.
Key term
State three rewards of running a business.
Key term
State the three roles of an entrepreneur.
Key term
Why is business described as dynamic?
Key term
What is business enterprise?
Key term
How can a change in technology create a new business idea?
Key term
What is meant by risk in business?
Key term
State the purpose of business activity.
Take Enterprise and Entrepreneurship further
The same content, four other ways.
Commonly confused
Pairs that lose marks when they are blurred together.
Good vs Service
Good: a physical product that can be touched and kept. Service: an intangible activity carried out for a customer.
Risk vs Reward
Risk: the chance that a decision ends in failure or loss. Reward: the benefit gained in return for taking a chance.
Original idea vs Adapted idea
Original idea: a product or service never offered before. Adapted idea: an existing product changed to improve it or suit a new market.
Questions from this topic
Each one with the model answer underneath.
- 1
Why is business described as dynamic?
Model answer
Business is dynamic because markets, technology and customer tastes keep changing. Firms that fail to adapt lose customers to those that do.
- 2
Give three reasons why new business ideas come about.
Model answer
New technology makes new products possible. Consumer wants change over time. Older products and services become obsolete.
- 3
How can a change in technology create a new business idea?
Model answer
New technology can make possible a product or service that did not exist before. App-based taxi booking relied on smartphones with GPS.
- 4
What does it mean for a product to become obsolete?
Model answer
An obsolete product is outdated and no longer wanted because something better has replaced it. Sales of an obsolete product fall to almost nothing.
- 5
Give an example of a business that became obsolete and what replaced it.
Model answer
DVD rental shops became obsolete as film streaming grew. Netflix and other streaming services replaced them.
- 6
Why might a change in what consumers want create an opportunity for a new business?
Model answer
New tastes create demand that existing firms may not yet meet. Demand for plant-based food rose, opening a market for vegan brands.
What is inside Levo
Six ways to work the same material.
Enterprise and Entrepreneurship revision questions
- What does Enterprise and Entrepreneurship cover in Edexcel GCSE Business?
- 3 subtopics: the dynamic nature of business, risk and reward and the role of business enterprise. Each one has its own page with questions and model answers.
- How is Enterprise and Entrepreneurship organised?
- By the Edexcel 1BS0 specification, subtopic by subtopic, so it matches the order you are taught it in.
Every question in Enterprise and Entrepreneurship, on a schedule.
Attempt a question from memory, write the correct version, then attempt it again. Levo records the jump between your first attempt and your last, and brings each question back on the day you are due to forget it.
Or £46 a year, about £3.83 a month. Cancel anytime.