What you’ll learn3 learning objectivesChoose one objective for a focused lesson, or study the complete topic.1.1.1Business activity• The nature of business activity- the purpose of business activity- the factors of production needed for business activity: land, labour, capital and enterprise- the concept of adding value- the nature of economic activity, the problem of choice and opportunity cost- the dynamic business environment- why businesses succeed or fail- differences between local, national, international and multinational businessesSyllabus objective1.1.2Entrepreneurs and intrapreneurs• The role of entrepreneurs and intrapreneurs- the qualities entrepreneurs and intrapreneurs need for success- the role of entrepreneurship in creating and starting up a business- the role of intrapreneurship in the ongoing success of a business- barriers to entrepreneurship- business risk and uncertainty- the role of business enterprise in the development of a countrySyllabus objective1.1.3Business plans• Business plans- the meaning and purpose of business plans- the key elements of business plans- the benefits and limitations of business plansSyllabus objective