Learning outcome 2

Assess the impact of small businesses on the economy 

Where entrepreneurial ideas come from: 

  • Definitions of creativity and innovation. 
  • The main sources of generating business and entrepreneurial ideas. 
  • How businesses protect intellectual property rights. 

The role and importance of small firms: 

  • The number and type of small firms and their contribution to the economy at national, regional and local level. 

Factors to consider: 

  • Size, turnover, profit, rate of growth, innovation, sustainability and adaptability. 

International aspects of entrepreneurship: 

  • How international differences impact upon business start-up.