1.1 Enterprise and entrepreneurship
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7 Terms
Why new business ideas come about
● changes in technology
● changes in what consumers want
● products and services becoming obsolete.
How new business ideas come about
● original ideas
● adapting existing products/services/ideas.
The impact of risk on business activity
business failure, financial loss, lack of security
How to reduce risk
carry out market research
produce a cash-flow forecast- identify times when the business may experience a shortage of cash
The impact of reward on business activity
business success, profit, independence.
What is the purpose of business activity
● to produce goods or services
● to meet customer needs
● to add value: convenience, branding, quality, design, unique selling points.
What is the role of an entrepreneur
Organises resources
Makes business decisions
Takes risks