1.1 What is a business?
Keep a Personal Checklist:
What is a business? [AO1]
Distinguish between goods and services. [AO2]
Distinguish between customers and consumers of a business. [AO2]
What are the four functional areas of a business? [AO2]
Describe the four business sectors of the economy. [AO2]
What is meant by the chain of production? [AO2]
What is meant by sectoral change? [AO2]
Differentiate between entrepreneurs and intrapreneurs. [A02]
What are the main reasons for starting up a business? [A02]
What are the problems that new businesses may face? [AO2]
What is a Business?
The Functions of a Business
Finance
Marketing
Human Resource
Operations
What do you think is the essential ingredient for start-up success? Or anything in life, really...
"Bill Gross has founded a lot of start-ups, and incubated many others — and he got curious about why some succeeded and others failed. So he gathered data from hundreds of companies, his own and other people's, and ranked each company on five key factors. He found one factor that stands out from the others — and surprised even him."
BEING AN ENTREPRENEUR, PRESENTED BY JUNIOR BM (C'2025)
Martha Matilda Harper, the real pioneered of retail franchising who created the American hair salon industry that allowed hundreds of women to own their own businesses.
One of the most successful business models is the franchise, but it didn't originate with McDonald's. The 6 mins TED-Ed below and the article on the left describe the remarkable story of Ms. Martha Matilda Harper, an entrepreneur who changed the way business organisations give new opportunities of ownership and business models.
Known as the youngest entrepreneur in Thailand, at this present, Top, Itthipat Peeradechapan , is a 26-year-old businessman, the owner of the bestselling seaweed in Thailand.
The 'Billionaire' Movie will let you get to know Top Ittipat in details about how he turned himself from an online game addict to a famous young billionaire. Now on Netflix!
Age 16, TOP gained 400,000 Baht monthly from playing online games. Age 17, he earned money from selling chestnuts for 2,000 baht. Age 18, His family went bankrupt and remained 40 million Baht in debt. Age 19, He released Tao Kae Noi seaweed to more than 3,000 branches at 7-Eleven. He owns 85 percent of the market share which is equivalent to 800 million Baht a year, and has 2,000 employees in his company. How did he raise himself up to this position? Surely, everyone desires to get rich, yet not everyone dares to succeed like him. Find the answers that have made Top become a billionaire.
