Outline the objectives of an entrepreneur, including to be their own boss,…

The idea

An entrepreneur is the person who takes the initiative and risk to set up a business. Their objectives are the goals they hope to achieve, and these often combine personal and financial aims. Being their own boss means making decisions independently rather than following a manager's instructions. Flexible working hours allow them to choose when they work, which can help with family or other commitments. Some start up to pursue an interest, turning a hobby such as baking or gaming into trade. Others aim to earn more money than employment offers. Spotting a gap in the market means identifying an unmet customer need and launching a product or service to fill it. Finally, dissatisfaction with a current job, such as low pay or a poor manager, can push someone to leave and start alone.

What earns the marks

• Defines an entrepreneur as the person who organises the business and bears the risk of setting it up.
• Explains being their own boss as gaining control over decisions and not answering to a manager.
• Explains flexible working hours as choosing working patterns to fit personal commitments.
• Explains pursuing an interest as turning a hobby or passion into a business activity.
• Explains earning more money as aiming for higher income than paid employment provides.
• Explains identifying a gap in the market as spotting an unmet customer need and filling it.
• Explains dissatisfaction with a current job as a push factor such as low pay or poor conditions.

Common mistakes and how to put them right

• Treating every entrepreneur as motivated only by profit.

  Put it right: Objectives are often a mix of financial and personal aims.

• Confusing a gap in the market with simply copying an existing successful product.

  Put it right: A gap is an unmet customer need.

• Assuming flexible hours always mean working fewer hours.

  Put it right: Flexibility is about choosing when to work, not necessarily working less.

Exam tips

• Use the command word outline: give a brief point plus one short development for each objective.
• Apply each objective to the business in the case study rather than listing them generically.
• Link push factors such as job dissatisfaction to the decision to start a business.