Business 1.1 Enterprise & entrepreneurship

Flashcards covering key vocabulary terms from the lecture notes.

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A product that is out of date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