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Business

1 Dec 2025

1,154

3 pages

Edexcel Business Key Notes - Paper 1 Topics 1.1.1 to 1.1.5

user profile picture

Amelie ๐Ÿค @aamelie.c

Running a business isn't just about having a good idea - it's about understanding why businesses exist, what... Show more

BUSINESS
1.1 Dynamic Nature of business.
1.1.1
LI
L
Why do new business come about?
Technology:
Change in consumer wants
L- Products and ser

Why New Businesses Start

Ever wondered why new companies keep popping up everywhere? Technology is one of the biggest drivers - think about how smartphones completely wiped out old Nokia phones and created thousands of new app businesses overnight.

Consumer wants are constantly shifting too. What people wanted five years ago might be totally different now, creating gaps in the market for smart entrepreneurs to fill. Some business ideas are completely original - someone spots something that doesn't exist yet. Others are adaptations of existing ideas, using new tech to make them better.

When products become obsolete, it's actually brilliant news for new businesses. Every time something old gets replaced, it creates fresh opportunities for those brave enough to jump in.

Remember One person's outdated product is another entrepreneur's golden opportunity!

BUSINESS
1.1 Dynamic Nature of business.
1.1.1
LI
L
Why do new business come about?
Technology:
Change in consumer wants
L- Products and ser

Risk vs Reward in Business

Starting a business is basically like placing a bet on yourself - and the stakes are pretty high. Risk means all the things that could go wrong and potentially destroy your business. Reward is what you get if everything goes right.

The main risks include complete failure (customers might hate your product), massive financial loss (starting up costs serious money), and losing job security (no more regular paycheques coming in). That's terrifying for most people.

But the rewards can be incredible. You could make huge profits, become your own boss with flexible hours, and actually enjoy what you do for once. Many entrepreneurs were just fed up with rubbish jobs or wanted to turn their passion into something profitable.

Key insight The bigger the risk, the bigger the potential reward - but also the bigger the potential disaster!

BUSINESS
1.1 Dynamic Nature of business.
1.1.1
LI
L
Why do new business come about?
Technology:
Change in consumer wants
L- Products and ser

What Businesses Actually Do & Who Runs Them

Businesses exist to supply goods (physical stuff you can touch) and services (actions done for you, like haircuts or repairs). Some clever businesses do both - restaurants give you food AND the service of cooking it for you.

You'll see B2B businessโˆ’toโˆ’businessbusiness-to-business companies selling to other businesses, and B2C businessโˆ’toโˆ’consumerbusiness-to-consumer ones selling directly to people like you. They're all trying to meet customer needs (essential stuff) and wants niceโˆ’toโˆ’havethingsnice-to-have things.

Entrepreneurs are the brave souls who actually start these businesses. They need to be incredibly hardworking (often no pay for months), super organised (managing everything alone), and innovative enough to spot gaps others miss. Most importantly, they must be willing to take risks that would terrify most people.

Enterprise is basically the whole business operation - combining land, labour, and capital to create something valuable that stands out through quality, convenience, or killer branding.

Bottom line Successful entrepreneurs don't just have good ideas - they're willing to work harder than everyone else to make them happen.

We thought youโ€™d never ask...

What is the Knowunity AI companion?

Our AI Companion is a student-focused AI tool that offers more than just answers. Built on millions of Knowunity resources, it provides relevant information, personalised study plans, quizzes, and content directly in the chat, adapting to your individual learning journey.

Where can I download the Knowunity app?

You can download the app from Google Play Store and Apple App Store.

Is Knowunity really free of charge?

That's right! Enjoy free access to study content, connect with fellow students, and get instant help โ€“ all at your fingertips.

13

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Transform this note into: โœ“ 50+ Practice Questions โœ“ Interactive Flashcards โœ“ Full Mock Exam โœ“ Essay Outlines

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Quiz
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Most popular content: Entrepreneurship

Most popular content in Business

Most popular content

Can't find what you're looking for? Explore other subjects.

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4.9/5

App Store

4.8/5

Google Play

The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.

Stefan S

iOS user

This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.

Samantha Klich

Android user

Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.

Anna

iOS user

Best app on earth! no words because itโ€™s too good

Thomas R

iOS user

Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.

Basil

Android user

This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.

David K

iOS user

The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.

Rohan U

Android user

I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didnโ€™t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as Iโ€™m sure you too will see developments.

Xander S

iOS user

THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH ๐Ÿ˜๐Ÿ˜๐Ÿ˜ฒ๐Ÿค‘๐Ÿ’—โœจ๐ŸŽ€๐Ÿ˜ฎ

Elisha

iOS user

This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now

Paul T

iOS user

The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.

Stefan S

iOS user

This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.

Samantha Klich

Android user

Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.

Anna

iOS user

Best app on earth! no words because itโ€™s too good

Thomas R

iOS user

Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.

Basil

Android user

This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.

David K

iOS user

The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.

Rohan U

Android user

I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didnโ€™t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as Iโ€™m sure you too will see developments.

Xander S

iOS user

THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH ๐Ÿ˜๐Ÿ˜๐Ÿ˜ฒ๐Ÿค‘๐Ÿ’—โœจ๐ŸŽ€๐Ÿ˜ฎ

Elisha

iOS user

This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now

Paul T

iOS user

ย 

Business

โ€ข

1,154

โ€ข

1 Dec 2025

โ€ข

3 pages

Edexcel Business Key Notes - Paper 1 Topics 1.1.1 to 1.1.5

user profile picture

Amelie ๐Ÿค

@aamelie.c

Running a business isn't just about having a good idea - it's about understanding why businesses exist, what drives people to start them, and the massive risks and rewards involved. The business world is constantly changing, creating new opportunities whilst... Show more

BUSINESS
1.1 Dynamic Nature of business.
1.1.1
LI
L
Why do new business come about?
Technology:
Change in consumer wants
L- Products and ser

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Why New Businesses Start

Ever wondered why new companies keep popping up everywhere? Technology is one of the biggest drivers - think about how smartphones completely wiped out old Nokia phones and created thousands of new app businesses overnight.

Consumer wants are constantly shifting too. What people wanted five years ago might be totally different now, creating gaps in the market for smart entrepreneurs to fill. Some business ideas are completely original - someone spots something that doesn't exist yet. Others are adaptations of existing ideas, using new tech to make them better.

When products become obsolete, it's actually brilliant news for new businesses. Every time something old gets replaced, it creates fresh opportunities for those brave enough to jump in.

Remember: One person's outdated product is another entrepreneur's golden opportunity!

BUSINESS
1.1 Dynamic Nature of business.
1.1.1
LI
L
Why do new business come about?
Technology:
Change in consumer wants
L- Products and ser

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Risk vs Reward in Business

Starting a business is basically like placing a bet on yourself - and the stakes are pretty high. Risk means all the things that could go wrong and potentially destroy your business. Reward is what you get if everything goes right.

The main risks include complete failure (customers might hate your product), massive financial loss (starting up costs serious money), and losing job security (no more regular paycheques coming in). That's terrifying for most people.

But the rewards can be incredible. You could make huge profits, become your own boss with flexible hours, and actually enjoy what you do for once. Many entrepreneurs were just fed up with rubbish jobs or wanted to turn their passion into something profitable.

Key insight: The bigger the risk, the bigger the potential reward - but also the bigger the potential disaster!

BUSINESS
1.1 Dynamic Nature of business.
1.1.1
LI
L
Why do new business come about?
Technology:
Change in consumer wants
L- Products and ser

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

What Businesses Actually Do & Who Runs Them

Businesses exist to supply goods (physical stuff you can touch) and services (actions done for you, like haircuts or repairs). Some clever businesses do both - restaurants give you food AND the service of cooking it for you.

You'll see B2B businessโˆ’toโˆ’businessbusiness-to-business companies selling to other businesses, and B2C businessโˆ’toโˆ’consumerbusiness-to-consumer ones selling directly to people like you. They're all trying to meet customer needs (essential stuff) and wants niceโˆ’toโˆ’havethingsnice-to-have things.

Entrepreneurs are the brave souls who actually start these businesses. They need to be incredibly hardworking (often no pay for months), super organised (managing everything alone), and innovative enough to spot gaps others miss. Most importantly, they must be willing to take risks that would terrify most people.

Enterprise is basically the whole business operation - combining land, labour, and capital to create something valuable that stands out through quality, convenience, or killer branding.

Bottom line: Successful entrepreneurs don't just have good ideas - they're willing to work harder than everyone else to make them happen.

We thought youโ€™d never ask...

What is the Knowunity AI companion?

Our AI Companion is a student-focused AI tool that offers more than just answers. Built on millions of Knowunity resources, it provides relevant information, personalised study plans, quizzes, and content directly in the chat, adapting to your individual learning journey.

Where can I download the Knowunity app?

You can download the app from Google Play Store and Apple App Store.

Is Knowunity really free of charge?

That's right! Enjoy free access to study content, connect with fellow students, and get instant help โ€“ all at your fingertips.

13

Smart Tools NEW

Transform this note into: โœ“ 50+ Practice Questions โœ“ Interactive Flashcards โœ“ Full Mock Exam โœ“ Essay Outlines

Mock Exam
Quiz
Flashcards
Essay

Most popular content: Entrepreneurship

Most popular content in Business

Most popular content

Can't find what you're looking for? Explore other subjects.

Students love us โ€” and so will you.

4.9/5

App Store

4.8/5

Google Play

The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.

Stefan S

iOS user

This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.

Samantha Klich

Android user

Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.

Anna

iOS user

Best app on earth! no words because itโ€™s too good

Thomas R

iOS user

Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.

Basil

Android user

This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.

David K

iOS user

The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.

Rohan U

Android user

I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didnโ€™t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as Iโ€™m sure you too will see developments.

Xander S

iOS user

THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH ๐Ÿ˜๐Ÿ˜๐Ÿ˜ฒ๐Ÿค‘๐Ÿ’—โœจ๐ŸŽ€๐Ÿ˜ฎ

Elisha

iOS user

This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now

Paul T

iOS user

The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.

Stefan S

iOS user

This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.

Samantha Klich

Android user

Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.

Anna

iOS user

Best app on earth! no words because itโ€™s too good

Thomas R

iOS user

Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.

Basil

Android user

This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.

David K

iOS user

The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.

Rohan U

Android user

I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didnโ€™t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as Iโ€™m sure you too will see developments.

Xander S

iOS user

THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH ๐Ÿ˜๐Ÿ˜๐Ÿ˜ฒ๐Ÿค‘๐Ÿ’—โœจ๐ŸŽ€๐Ÿ˜ฎ

Elisha

iOS user

This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now

Paul T

iOS user