1.1 What is a business?

Enterprise

A group of people that tackles an objective, usually profit

Entrepreneur

Someone who takes the financial risk of starting and managing a new venture

Entrepreneurship

The process of starting a business, company, or organization

Intrapreneurship

The process of starting a new product/service within an existing organization

Consumer goods

The physical and tangible goods sold to the general public

Consumer services

Non-tangible products that are sold to the general public

Capital goods

Physical goods that are used by the industry to aid in the production of other goods and services

Business plan

A written document that describes all aspects of a new enterprise in terms of the product or business idea, marketing, finance, operations and human resources

Primary sector

Firms that involve the harvesting of naturally available resources (can be used and processed by other firms)

Secondary sector

Firms that involve in manufacturing of raw products/process products from natural resources to finished goods

Tertiary sector

Involves retail and providing service to consumers and other businesses

Quaternary sector

Firm that involves intellectual activities or innovation services (focus on IT)

Industrialization

Describes the growing importance of the secondary sector manufacturing industries in developing countries

Deindustrialization

General decline in the importance of secondary sector activity and increase in the tertiary sector in developed countries