1.1 Enterprise & 1.2 The role of entrepreneurs and intrapreneurs

Entrepreneur

an individual who has the idea for a new business, starts it up and carries most of the risks but benefits from the rewards.

customer

an individual consumer or organization that purchases goods or services from a business.

consumer

an individual who purchases goods and services for personal use.

consumer goods

the physical and tangible goods sold to consumers that are not intended for resale.

consumer services

the non-tangible products sold to consumers that are not intended for resale.

factors of production

the resources needed by business to produce goods or services.

capital goods

the physical goods used by industry to aid in the production of other goods and services

enterprise

the action of showing initiative to take the risk to set up a business.

adding value

increasing the difference between the cost of bought-in inputs (materials) and the selling price of the finished goods.

added value

the difference between the cost of purchasing bought-in inputs (materials) and the selling price of the finished goods.

branding

the process of differentiating a product by developing a symbol, name, image or trademark for it.

opportunity cost

the next most desired option that is given up.

intrapreneur

a business employee who takes direct responsibility for turning an idea into a profitable new product or business venture.

multinational business

a business organization that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries.

business plan

a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts.