Enterprise and entrepreneurship

Businesses are dynamic, meaning they constantly adapt to respond to consumers’ wants and needs. Entrepreneurs spot gaps in the market and develop new ideas for products and services.

When making business decisions, entrepreneurs will consider the risks and rewards involved. As long as they believe that the potential rewards are greater, they will often take the risks.

Businesses exist to meet customer needs. They do this by organising resources to provide goods and services that customers want. Adding value to goods and services helps a business to sell more.