Creating a Business
Study the entrepreneur’s role in creating and setting up a business, including ideas, risk, opportunity recognition, resources, finance and early decisions.
- Syllabus
- First assessment 2019
- Course
- Business XBS11/YBS11
- Level
- AS
Exam points
- Explain how entrepreneurs identify opportunities, take risks and combine resources to create a business.
- Apply entrepreneur roles to start-up decisions involving premises, finance, products and markets.
1.3.5.1a - Creating a business question 1
Extract E Mr Cory's Cookies Young entrepreneur Cory Nieves is also known as Mr Cory. When he was five years old he started selling hot chocolate in his neighbourhood to raise money to buy a car for his family. Cory then began selling lemonade and cookies to increase the buying options for his loyal customers. His passion and entrepreneurial spirit, combined with a love of treats, led him to be the owner of Mr Cory's Cookies at six years old. Cory's mother, Lisa, spent many months learning how to bake the cookies. She then test marketed each batch in the local area. The business became famous in the local community for Cory's chocolate chip cookies, which continue to be the best seller. The product line has expanded, and the cookies are manufactured using only natural and high-quality ingredients. The cookies are now only available online. Due to the publicity he received as a young entrepreneur, Cory has had many television appearances and has worked with large companies and brands such as Mercedes Benz, Ralph Lauren, TOMS and Macys. In addition, he has worked with non-profit organisations such as the Children's Aid Society.
Extract F The value of Mr Cory's Cookies The sweets and snacks market is extremely competitive and the market is growing. In 2021 Cory Nieves was 17 years old and the value of his business had increased to $ 1500000. Value of Mr Cory's Cookies (2018-2021)
Extract E Mr Cory's Cookies Young entrepreneur Cory Nieves is also known as Mr Cory. When he was five years old he started selling hot chocolate in his neighbourhood to raise money to buy a car for his family. Cory then began selling lemonade and cookies to increase the buying options for his loyal customers. His passion and entrepreneurial spirit, combined with a love of treats, led him to be the owner of Mr Cory's Cookies at six years old. Cory's mother, Lisa, spent many months learning how to bake the cookies. She then test marketed each batch in the local area. The business became famous in the local community for Cory's chocolate chip cookies, which continue to be the best seller. The product line has expanded, and the cookies are manufactured using only natural and high-quality ingredients. The cookies are now only available online. Due to the publicity he received as a young entrepreneur, Cory has had many television appearances and has worked with large companies and brands such as Mercedes Benz, Ralph Lauren, TOMS and Macys. In addition, he has worked with non-profit organisations such as the Children's Aid Society.
Define the term 'entrepreneur'. (Extract E, line 2)
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