The Role and Importance of Business Enterprise

The video explores the role of business enterprise, highlighting how businesses start from ideas and grow through risk-taking. It discusses how businesses make money by selling goods or services, using examples like ASOS and Spotify. The UK economy's shift from manufacturing to service-based sectors is examined, along with the distinction between goods and services. The video also covers the provision of goods and services, customer needs and wants, and strategies for building strong customer relationships.

What challenges do service-based businesses face compared to those that sell goods?

What are the essential needs and wants of customers in relation to businesses?

How do businesses differentiate between essential products and those that are merely wants?

How can businesses build a strong relationship with their customers?