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Business
An organization that uses resources to produce goods or services to meet customer needs and add value.
Goods
Tangible physical items capable of being stored, such as cars or games consoles.
Services
Intangible offerings that cannot be stored, provided to customers when needed, such as insurance or hairdressing.
Value Added
The difference between the cost of inputs and the value of outputs; features that differentiate a product from competitors.
Transformation Process
The process by which businesses take inputs (resources) and transform them into outputs (goods/services) that customers want to buy.
Inputs
The resources that are used in the production process, classified into financial, human, physical, and enterprise.
Financial Resources
Capital required for funding production, including cash, working capital, loans, and investments.
Human Resources
Employees and managers responsible for carrying out production tasks and overseeing operations.
Physical Resources
Materials, equipment, and premises used in the production process.
Enterprise
The business idea and willingness to take risks to turn it into a functioning business.
Primary Sector
The part of the economy concerned with the extraction of raw materials from land, sea, or air.
Secondary Sector
The part of the economy that processes raw materials into finished goods, such as manufacturing.
Tertiary Sector
The part of the economy that provides services to consumers and businesses.
Quaternary Sector
The part of the economy that focuses on knowledge-based services and information technology.
Entrepreneur
An individual who creates a new business or product and takes on financial risks to do so.
Intrapreneurship
The practice of encouraging entrepreneurial thinking and behavior within an existing organization.
Market Research
The process of gathering information about customer needs and market trends to inform business decisions.
Business Plan
A detailed document outlining business objectives, strategies, and the resources required to achieve them.
Legal Constraints
The legal requirements that must be met before starting a business, including compliance with local laws.
Crowdfunding
A method of raising funds for a project or business by soliciting contributions from a large number of people.
Operational Issues
Challenges related to the day-to-day management of a business's resources and processes.
Scaling
The process of managing growth in a business and expanding into new markets or product lines.
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