GCSE Business Edexcel – 1.1 Enterprise and Entrepreneurship

What is a business idea?

A proposal for a product or service that a business could offer to customers.

What is consumer?

A person who buys or uses goods and services.

What is customer need?

Something a customer wants or requires from a product or service.

What is dynamic nature of business?

The way businesses and their markets continually change over time.

What is innovation?

Introducing a new or improved product, service or way of doing business.

What is original business idea?

A new idea for a product or service, rather than a copy of an existing one.

What is adapting a business idea?

Changing an existing product, service or idea to better meet customer needs.

What is obsolete product?

A product no longer wanted or useful, often because it has been replaced.

What is business risk?

The possibility that business decisions will lead to failure or financial loss.

What is business reward?

A benefit of running a business, such as profit, success or independence.

What is financial loss?

When a business loses money because costs exceed the revenue earned.

What is business failure?

When a business cannot continue operating successfully and closes.

What is independence?

Being able to make your own decisions rather than work under an employer.

What is enterprise?

The activity of creating and developing a business opportunity.

What is entrepreneur?

A person who organises resources, makes business decisions and takes business risks.

What is goods?

Physical products a business produces or sells.

What is services?

Non-physical activities a business provides to customers.

What is business resources?

The people, money, equipment and materials needed to run a business.

What is added value?

The difference between the selling price and the cost of the bought-in materials or components.

What is unique selling point (usp)?

A distinctive feature that makes a product or business stand out from competitors.

What is branding?

Creating a recognisable name, design or identity that differentiates a product or business.

What does quality mean for a business?

How well a product or service meets customer needs and expectations.

What does convenience mean for a customer?

How easy a product or service is for customers to buy or use.