Business P1 Enterprise & entrepreneurship

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Flashcards covering key vocabulary terms from the lecture notes.

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20 Terms

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Obsolete

A product that is out of date

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Product

Anything which is capable of satisfying a customers need.

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Service

An act which is carried out for you in exchange for a price

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Reward

A benefit that is achieved by a business owner

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Risks

The chance of loss or damage

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Adding value

The difference between the price of the finished product/service and the cost of the inputs involved in making it.

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Unique Selling Point (USP)

These differentiate products from those of other suppliers

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Business Enterprise

The activity of providing goods and services

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Capital

Money needed to get the business started.

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Enterprise

Owners motivation and drive to start up a successful business

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Labour

Work / workers needed within a business

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Land

Place to produce goods e.g. a warehouse

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Why do new business ideas come about

Changes in technology

Changes in consumer wants

Products becoming obsolete

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How new business ideas come about

Original ideas

Adapting existing ideas

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OG ideas

Ideas that have not been thought of before

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Adapting existing ideas

Mixing and matching exsisting products

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Risks of a buisness

Business failure(competition,rising costs)

Financial loss(own £ and assets)

Lack of security(loose job as there is no guarantee of business success)

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Rewards of a business

Profit

Business success

Independence

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Ways to add value

USP

Branding(reputation)

Design

Quality

Convenience

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Role of Entrepreneurhip

Taking risks

Organise resources

Make decisions