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2 organisation_starting_a_business

2 organisation_starting_a_business - tutor2u GCSE Business...

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tutor2u GCSE Business Studies Starting a business – what is needed An entrepreneur is defined as someone who has the ability to take risks and organise the factors of production. When starting a new business the entrepreneur faces a number of problems before they can start up. They need an idea and a will to succeed, but these are not enough on their own to be successful. A business needs: f Finance – to fund the other elements listed below: finance is usually the hardest thing to obtain in a start-up business. f Labour – to help develop a product or service and then to produce/deliver it. f Customers – without them, the business will fail. Obtaining customers means the business must undertake marketing. f Suppliers – provide many of the “inputs”, such as raw materials. f Premises and equipment – maybe a simple office, or possibly a large, modern factory; depending on what the business activity is.
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