1.1 enterprise and entrepreneurship

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8 Terms

1
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Why new business ideas come about

  • changes in technology

  • Changes in consumer wants

  • Existing products becoming obsolete

2
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How new ideas come abouts

  • original ideas (invention)

  • Adapt existing products/ideas (innovation)

3
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Risks

  • business failure

  • Financial loss (personal funds that have been invested

  • Lack of security

4
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Rewards

  • business success- sense of achievement

  • Profit / financial

  • Independence

5
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The purpose of business activity

  • to provide goods and services

  • To meet customers needs

  • To add value

6
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How can you add value

  • convenience

  • Branding

  • Quality

  • Design

  • USP

7
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Entrepreneur

Someone who demonstrates enterprise by being initiative and taking risks.

8
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Entrepreneur roles

  • making decisions

  • Take risks

  • Organise resources