Entrepreneurship - Life Orientation

Vocabulary-style flashcards covering key entrepreneurship concepts from the Life Orientation booklet (definitions and terms).

Entrepreneurship

The process of creating a new enterprise and bearing risks with the aim of making a profit.

E-commerce (electronic commerce)

Online commercial transactions; buying and selling of goods, products, or services over the internet.

E-business

The use of internet-based activities to conduct business, including buying, selling, advertising, and interacting with customers.

B2B

Business-to-Business; transactions between businesses rather than with individual consumers.

B2C

Business-to-Consumer; transactions between a business and individual customers.

C2C

Customer-to-Customer; transactions between consumers, typically via a platform.

C2B

Consumer-to-Business; individuals selling products or services to businesses.

Small business

A business with fewer employees and lower revenue than a regular-sized business, often under 500 employees.

Innovative entrepreneurship

Creating new or unique business ideas and ventures to generate profit, improve competitiveness, and meet needs.

Design entrepreneurship

Entrepreneurs identify customer needs and design products or services to meet those needs, often using design skills.

Envato Market

A platform where designers, developers, photographers, and others sell digital products or services.

Social entrepreneurship

An enterprise aimed at solving social problems or effecting social change, often blending profit with a social mission.

Characteristics of social entrepreneurship

Practicality, philanthropic bent, teamwork, money management, commitment to social welfare, innovation, risk-taking.

Cultural entrepreneurship

Starting a business that sells cultural products or services tied to a specific culture or heritage.

Advantages of cultural entrepreneurship

Promotes cultural unity; enables entrepreneurship with low capital; revives cultures; boosts local economies.

Disadvantages of cultural entrepreneurship

Risk of misrepresentation; potential backlash; finding customers; building reputation; staying competitive.

Tourism entrepreneurship

Creating and sustaining businesses in the tourism sector through innovation and new opportunities.

Walking tours

Exploring a destination on foot to discover sites and histories not easily seen by other transport.

Airbnb Rentals

Marketplace where hosts list rooms, apartments, or houses for tourists to rent.

Local cuisine cooking classes

Teaching tourists how to prepare local dishes and understand their cultural history.

Souvenir Shops

Shops selling locally inspired gifts for tourists.

Cultural/Heritage Tours

Tours exploring places, artefacts, and stories representing cultural or historical heritage.

Takeaway hotel rooms

Service allowing tourists to choose specific locations of hotel rooms rather than staying at a standard hotel.

Translators

Multilingual individuals who assist tourists with translation and communication.

Advantages of Tourism Entrepreneurship

Job creation, income growth, new sustainable businesses, rural development, infrastructure, foreign investment, women empowerment, cultural exchange, and conservation.

Disadvantages of Tourism Entrepreneurship

Unpredictable markets, rapid technological change, management challenges, and gaps in entrepreneurial capacity.