Entrepreneurs Risk and Rewards

From the WJEC Specification:
Business Activity

• What is business enterprise
• The role of the entrepreneur in business activity and assisting business start-up
• The advice and help available to business start-ups
• The characteristics of an entrepreneur
• The motives of entrepreneurs
• The risks and rewards of business enterprise.

Including initiative, innovation, identifying opportunities and organising resources. Including being a risk taker, using initiative, making decisions, organising the business, being innovative, hardworking and determined
Including financial, non-financial and social/community (social enterprises)
Learners need to be aware of the types of risks involved such as low sales, unexpected costs and unexpected events.
Rewards can be financial (profit) and non-financial such as satisfaction, building something new and good customer feedback.
Learners are expected to apply their knowledge of enterprise to different business contexts.