IGCSE Business Studies: Chapter 1.3 Enterprise, Growth and Size

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IGCSE Business Studies: 1.3 Enterprise, Growth and Size

Exam technique playlist]

Timestamps
0:00 - Intro
0:15 - Enterprise and Entrepreneurship
1:22 - Business Plan
2:03 - Government Support
3:49 - Measuring Business Size
4:39 - Limitations of Business Size
5:30 - Reasons For Growth
7:10 - Internal Growth
7:32 - External Growth
9:28 - Barriers to Growth
9:58 - Why Business Stay Small
10:51 - Why Businesses Fail
12:18 - Risk of New Businesses
12:45 - Solved Exam Questions

In this video, I guide you through the key concepts of Chapter 1.3 on enterprise growth and size. We start by defining the characteristics of an entrepreneur, highlighting their roles as risk-takers, innovators, and effective communicators. Entrepreneurs need to be optimistic and independent, as they navigate the challenges of starting and running a business.
Next, I discuss the importance of a business plan, which outlines objectives, operations, finances, and ownership details, helping secure bank loans and set clear targets. We also explore government support for new businesses, which aims to reduce unemployment and promote competition, benefiting the economy.
I explain methods for measuring a business's size, including employee numbers and sales value, while addressing limitations based on capital and labor intensity. The reasons for business growth, such as reducing competition and gaining economies of scale, are elaborated alongside different growth strategies, including internal and external growth.
Finally, I highlight reasons for business failure, emphasizing management errors, lack of adaptation to market changes, and poor financial planning. Understanding these elements is crucial for aspiring entrepreneurs to succeed in their ventures.