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Flashcards covering key vocabulary terms from the lecture notes.
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Obsolete
A product that is out of date
Product
Anything which is capable of satisfying a customers need.
Service
An act which is carried out for you in exchange for a price
Reward
A benefit that is achieved by a business owner
Risks
The chance of loss or damage
Adding value
The difference between the price of the finished product/service and the cost of the inputs involved in making it.
Unique Selling Point (USP)
These differentiate products from those of other suppliers
Business Enterprise
The activity of providing goods and services
Capital
Money needed to get the business started.
Enterprise
Owners motivation and drive to start up a successful business
Labour
Work / workers needed within a business
Land
Place to produce goods e.g. a warehouse
Why do new business ideas come about
Changes in technology
Changes in consumer wants
Products becoming obsolete
How new business ideas come about
Original ideas
Adapting existing ideas
OG ideas
Ideas that have not been thought of before
Adapting existing ideas
Mixing and matching exsisting products
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)
Rewards of a business
Profit
Business success
Independence
Ways to add value
USP
Branding(reputation)
Design
Quality
Convenience
Role of Entrepreneurhip
Taking risks
Organise resources
Make decisions