Enterprise and Entrepreneurship

A set of vocabulary flashcards focused on key concepts related to enterprise and entrepreneurship.

Business Enterprise

The process of identifying new business opportunities and taking advantage of them.

Purpose of Business Activity

Every business activity must have at least one purpose, such as providing goods or services to meet customer needs.

Value Addition

Finding ways to enhance a product so that customers are willing to pay more for it.

Entrepreneur

A person who takes on the risks of enterprise activities and starts new businesses.

Market

A place where goods are traded, a type of product, or the potential customers for a product.

Competition

The rivalry between businesses in the same market trying to attract customers.

Market Research

The activity of gathering information about customers' needs and preferences.

Quantitative Data

Data that can be measured numerically, such as sales figures.

Qualitative Data

Data that provides insights into people's feelings and opinions.

Market Segmentation

The process of dividing a market into distinct groups of buyers with different needs or behaviors.

Unique Selling Point (USP)

A feature of a product that makes it different from competitors' products.

Risk in Entrepreneurship

The potential that an entrepreneur may lose money, time, and effort when starting a business.

Reward of Entrepreneurship

The profits or personal satisfaction that can come from running a successful business.

Gap in the Market

An unmet need or demand that a business can satisfy with a new product or service.