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Component 1- Enterprise - Coggle Diagram

- - - - buy products/ services from other businesses in order to produce finished goods-> helping generate wealth in economy, locally +nationally
        
        pay tax to government, including business +corporation tax-goes to government and
        +pays for hospitals, police departments, schools
        
        introduce new technology/ innovation to market– come up with new technologies, create new products, provide new services for people in the UK/ abroad
        
        stimulate economy by instilling confidence in people– having healthy economy makes people more confident to invest
        
        help create competition= good for consumer +growth
        
        encourage exports +investments in UK
  - - - have less recognition as they aren't well known, thus find it harder to compete with larger businesses +obtain big profits
        
        often find it harder to raise finance due to size
        
        don't obtain economies of similar scale to that of larger businesses