NATASHA’S JEWELLERY Natasha Howarth graduated from University with a good fashion degree. She had always wanted to design and make her own jewellery so she decided to begin a new business enterprise in London. Her designs and workmanship were outstanding and her added value was high. Natasha sells her jewellery designs in her West London shop and via her website. She started her business because she had a real passion for decorative and fashionable Indian and Chinese jewellery. Natasha hoped to gain success and achieve sales growth and expand her sales and market share by importing fashion jewellery from India and China within three years.
She was concerned that her business may struggle to grow sufficiently in terms of revenue and sales as the economic climate is still weak and consumer confidence is low. However, high value added ranges still have high demand in the private sector of a mixed economy.
Natasha had decided to invest in her business because of research she had undertaken of the business market for fashion jewellery. She found that there were a number of similar businesses in London that had been successful. Natasha was convinced there was room for more competition in the market. She was confident in her ability and that as an enterprising young designer and businesswoman she could establish a unique position within a mixed economy market. Natasha had noticed that there was a high level of demand for her designs. She was prepared to risk her savings to invest in her business concept. The government are keen for new business start-ups Like Natasha to establish and are prepared to support new and enterprising businesses like Natasha’s.

QUESTIONS
1. Fully explain the nature and purpose of the terms ‘enterprise and entrepreneurship’ in a business context. Explain this in the context of what Natasha’s business will be.

2. Identify and explain TWO characteristics that are likely to make Natasha a successful entrepreneur. Explain why these are importance to Natasha.

3. a. It was once stated that the most important characteristic of a successful entrepreneur was
‘Having the right attitude’. Do you agree with this statement? Fully explain your reasons.

Which of the following is least likely is to be a characteristic of a successful entrepreneur such as Natasha, and explain why this might be so?
i) Resilience; ii) Creativity; iii) Cautiousness; or iv) Hard work

4 Identify and explain whether Natasha’s business would operate in the private or public sector of the economy and whether a mixed economy environment is beneficial to Natasha’s business.