• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Scottish Enterprise

Extracts from this document...


A Report On The Benefits of Self Employment & Entrepreneurship Compiled by Mandy Whyte 1. Findings 1.1 What is entrepreneurship Entrepreneurship is about seizing new opportunities and taking risks which is why it is so vital to the economy. This is what makes being an entrepreneur such an exciting career choice. 1.2 Support services available to the entrepreneur Scottish Enterprise, Business Gateway, Banks and Independent consultants are the main providers of support to entrepreneurs in Scotland. Business Gateway offer many free services to new business start-ups, young people and particularly female entrepreneurs have access to he most help when starting a new business. Funding is one of the major considerations when considering starting a new business. The Sole Trader generally relies mainly on personal finance. Banks are the most obvious source of finance. Most will have a small business advisor to approach for loans or overdraft facilities. Before they lend the majority of financial institutions will want to see a detailed business plan as evidence of the business's potential. Business Gateway, Shell Livewire and PYSBT will advise and where necessary offer assistance business start ups with potential. ...read more.


Most importantly today's small business sector continues to create many of the new ideas and Innovations that future generations will take for granted. 2. Conclusions The independence of working without a boss, the flexibility of self-determining working hours and the financial reward of deciding your own salary is enough to entice almost anyone to consider becoming a business owner. The benefits of being an entrepreneur are: * You are your own boss and have control over your future * Choices (e.g., you set your hours, you can choose your employees, etc.) - There are more opportunities for you to make decisions. * Opportunities to fully utilise your talents, skills, knowledge, and creativity * Financial rewards (e.g., profit, income, and tax advantages) * Job security (You create your own employment.) * Variety in your work routine * Self-satisfaction, personal achievement, and recognition * Independence Freedom * Potential financial success * Have control of future * Satisfaction of accomplishing something * Helping people * It is fun and rewarding * Finding an idea/doing something you love * Being passionate about a cause/mission Many successful entrepreneurs didn't enjoy their jobs and dreaded going to work. ...read more.


It is vitally important that the business idea is viable. If the idea isn't viable it should be abandoned or changed in some way so that it will work. Market Research and financial planning will assist to establish whether or not the business idea is viable. To have a good idea for a business, you should plan to supply something that people or businesses will want, and that customers will want to pay for at a level that will allow a profit to be made. The entrepreneur must be able to "sell" the concept and his business plan. This enthusiasm is difficult to build unless the individual has a clear sense of ownership of his idea. Businesses rarely achieve their planned outcomes. Entrepreneurs must be able to handle changes in the external and internal environment and take the appropriate action as quickly as possible. A business plan helps in improving the ability of the potential entrepreneur to handle problems as they develop - but it needs to be supported by other actions. 7 Sources and Acknowledgments Thanks to all contributors who provided assistance and comments. ?? ?? ?? ?? 2 ReportTA2 09/05/05.doc Amanda Whyte - TA 2 ReportTA2 09/05/05.doc Amanda Whyte - TA 2 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. For my business report I am investigating the Co-op erative society supermarket.

    make decisions and use their initiative and judgement to carry out their job role. This encourages the development and improvement within the organisation. This also gives the business the capacity to grow expand and overall meet is goals, aims and objectives The effects the organisational structure has on Co-op s performance.

  2. Business planning

    Below are the amounts of food and drinks expected to be produced in a day? Food Amount to be produced per day Rice 20 Kg Beans 10 Kg Plaintain 4 Boxes Pounded Yam 10 Kg Porridge 2 Boxes of yam Amala 5 Kg Eba 5 Kg of gari Egusi soup

  1. Business Idea

    proportional to the profit When the business is fully furnished and finished it will make the place look more presentable and bring more revenue into the business, as people will prefer the look of it. * Promote choice, quality & value o Give the customer the choice of what sport

  2. Business Venture - Dance Club

    With a capability of up to 300 hold the ultimate party in the heart of sound. > The tomato lounge- is in upper level and holds 20 people with an eagle eye view of the main room below. > The Balcony lounge -is a bar with place from up to 30 people.

  1. The Effectiveness of Scottish Enterprise

    Its criticisms of the strategy employed included a pre-occupation with the number of business start-ups in itself, inadequate integration between major strategic areas, lack of informal support, insufficient involvement of the private sector and under-representation of women and young people.

  2. Chinese Entrepreneurs in Singapore: Paths to Success

    considered to be only factor that lead to their success, since in many cases, others with the same drive had failed. (Chan & Chiang, 34) As such, leaving their homeland to work and seek opportunities in Singapore was just a "baby-step" to achieving success in both Ng Teow Yhee's and

  1. In this coursework I need to produce a detailed business report on one medium-sized ...

    Advantages: * It is hierarchical structure which is simple to understand - staff know precisely where they are in the structure, who can allocate work to them and to whom they are responsible. * Managers have a clear understanding of the roles of people when allocating work and spend less

  2. The spirit of entrepreneurship

    The purpose here is not to trivialize the use of business plans but rather to think beyond them, to evaluate their use and functionality, in terms of real world applications. Businesses and plans change at the rate of thought; they cannot be bound in the realm of ink and paper.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work