Business Studies – Key Concepts

Vocabulary flashcards covering essential terms from Business Studies lecture notes on entrepreneurship and related concepts.

Entrepreneur

Someone who converts a business idea into a business venture, is self-employed, passionate, and seeks continual improvement for competitive advantage.

Sustainability

The capability of a business to operate without harming the environment or the community in which it functions.

Customer Base

A group of loyal customers who consistently purchase a business’s goods or services.

Good Governance

Processes and institutions that meet societal needs while making the best use of available resources.

Stable Workforce

The extent to which employees remain continuously employed within a business.

Competitive Advantage

An edge a business gains by innovating or improving operations to outperform competitors.

Self-Employed

Working for oneself rather than an employer, typical of entrepreneurs who create their own income.

Passion (in Entrepreneurship)

A strong enthusiasm entrepreneurs possess for their business, driving expertise and continuous improvement.