Business Flashcards

Flashcards related to entrepreneurship and types of enterprises.

Enterprise

Any attempt to start or do something new.

Entrepreneur Characteristic

A personality trait someone is born with, such as being flexible or innovative.

Entrepreneur Skill

An ability or expertise developed through practice, experience, learning, and training, like time management.

Entrepreneur

Someone who takes initiative as well as personal and financial risks.

Internal sources of business ideas

Brainstorming sessions, feedback from sales personnel and ideas from employees (intrapreneurship) and R&D

External Sources of business ideas

Competitors, customer complaints or feedback , and Market research

Product Development Process

1) Idea generation, 2) Product screening, 3) Concept development, 4) Feasibility study, 5) Prototype development, 6) Test marketing, 7) Product launch

Feasibility Study

A study to see if the product is commercially viable

Financial Enterprise

A commercial enterprise that makes a profit by selling something. Banks, shops, airlines, etc.

Economic Growth

Increase in goods and services produced in an economy from one year to the next

Social Enterprise

Puts people and community ahead of personal gain. Social entrepreneurs try to create jobs and tackle social, economic, or environmental issues

Cultural Enterprise

Provides local or national consumers with access to visual arts, theatre, film, music, or events. Can be commercial or non-commercial