Studied by 9 people
enterprise
an organisation or business managed by one or more individuals who are able to take the initiative to make decisions and take calculated risks
business enterprise
an organisation that has profit as its main aim
social enterprise
an organisation that is started up for social cause for the betterment of society
entrepreneur
a person who starts up a new business or enterprise
stakeholder
an individual, group or organisation win an interest in the activities of a business
innovation
An improvement of an existing technological product, system, or method of doing something.
suppliers
individuals and organizations that provide an organization with the input resources it needs to produce goods and services
lenders
suppliers and financial institutions that lend money to companies
initiative
the ability to decide and act on your own without waiting for somebody to tell you what to do
evaluation
the making of a judgment about the amount, number, or value of something; assessment.
analyse
examine in detail to show meaning, identify elements and the relationship between them
evaluate
to judge or calculate the quality, importance, amount, or value of something
identify
name/select/recognise
explain
set out purposes or reasons / make the relationships between things evident / provide why and/or how and support with relevant evidence
income
all the money that comes in to an enterprise
describe
state the points of a topic/give characteristics and main features
discuss
write about issue(s) or topic(s) in depth in a structured way
state
express in clear terms
customer
a person or organization that buys goods or services from a store or business.
consumer
A person who purchases goods and services for personal use
charity
showing kindness by giving money or gifts to organizations that need them
land
natural resources that can be used by an enterprise
labour
skilled and unskilled workers who can work for an enterprise
capital
human-made aids to production
risk
the possibility that events in relation to an enterprise do not turn out as expected
enterprising
the showing of initiative, imagination, energy and resourcefulness
profit maximization goal
the goal of many enterprises to make the gap between total revenue and total cost as wide as possible
satisficing
a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution
sales revenue maximization
where an enterprise aims to maximize the revenue received from sales rather than profit
social responsibility
the idea that an enterprise has a responsibility toward the wider society and environment
sender
an organisation, group or individual attempting to get their message to others
receiver
an organisation, group or individual to whom a message is sent
audience
the organisation, group or individual that you are communicating with
informal
relaxed, friendly and unofficial
formal
conventional, polite, respectful an dofficial
slang
words or phrases that might be used when chatting with family or friends informally
jargon
special words or phrases that are used by a particular group or industry that are not commonly used by everybody
body language
nonverbal communication through gestures, facial expressions, behaviors, and posture
proximity
nearness, closeness
voice intonation
The pitch, speed, fluidity, and sounds of the voice when a person speaks; the way a person says words.
apologies
an item on the minutes of a meeting which shows the people who were invited to attend, but unable to do so
minutes
a document giving clear and accurate record of the meeting
agenda
the program for a meeting; a list, outline, or plan of things to be considered or done
tax incentives
reduced tax rates or complete tax exemptions for some time given to enterprises working in certain industries or located in certain areas
business license
a permit that allows a business to operate in a certain area and sell a specific product or service; it is issued by the government
tariff
a tax/charge to be paid by a business to the government for importing (buying goods from other countries) and exporting (selling goods to other countries)
trade barriers
steps taken by the government to control international trade; an example would be charging a tax on imports
import duties
a tax to be paid by a business to the government for importing goods from another country
special economic zones
an area in which business and trade laws are different from the rest of the country
consultants
experts that specialise in all aspects of setting up and running an enterprise and charge a fee for providing their services
micro loans
small amounts of money that can be borrowed more easily than by a traditional bank loan
seed capital
the money needed to start a business. This money often comes from the owner's personal assets and their friends and family
business network
a group of likeminded people/entrepreneurs who meet on a regular basis to share ideas and explore future business partnerships
mentor
an expert or experienced person who agrees to provide dedicated advice and support
marketing
anticipating, identifying and satisfying customer needs
customer retention
measuring how loyal customers are to an enterprise (and the likelihood of them buying its products or services again)
customer satisfaction
the extent to which customers are pleased with the products and services provided by an enterprise
identifying
finding out what customers want and need through market research
anticipating
looking ahead to spot the next 'big thing' and changes in customer demand
satisfying
providing products where and when they are wanted, and at a price that customers are willing to pay
mystery shopper programmes
when people act as customers to test out the service offered by a given enterprise
focus groups
talking to the same or a similar group of people over a long period of time to explore the needs, thoughts and opinions of customers
sponsorship
an enterprise paying or offering something in return for having its name linked with an event, person or group
brand loyalty
consistent preference for one brand over all others
market share
a company's product sales as a percentage of total sales for that industry
market research
the process of collecting, collating and analysing data about customers, competitors or a market
primary research (field research)
collecting new information or data for a specific purpose
surveys and questionnaires
asking people a list of set questions; can be done online, face to face, or sent out by post
interviews
asking individuals a number of questions; provides detailed answers
observations
watching or recording what people do or buy
test marketing
introducing a new product to a small number of potential customers to see their reaction to it
secondary research (desk research)
the use of information that already exists and was originally collected for a different purpose
table
a simple record of facts and figures presented in rows and columns
bar charts
a simple chart that quickly displays a single variable like price or sales
pie charts
a chart that is useful for proportions
graphs
a visual representation showing the relationship between two sets of numbers
aim
an overall goal that an enterprise wants to achieve
objective
a specific target that an enterprise wants to reach so it can achieve its aims
survival
(objective) try to keep the enterprise running
maximising profit
(objective) try to make as much profit as possible
satisfying profit
(objective) try to make enough profit to keep the owners comfortable
growth (objective)
(objective) try to increase its size including market share
sales growth objective
(objective) try to make as many sales as possible
sales revenue (objective)
(objective) try to make as much revenue as possible
cash flow (objective)
(objective) try to ensure they have enough cash to pay its day-to-day costs
provide a good service
(objective) try to provide a positive experience to its customers
environmental
(objective) try to protect the environment
ethical
(objective) try to treat all its stakeholders fairly
social
(objective) try to meet the needs of less fortunate members of society
not-for-profit objective
(objective) try to use any surplus revenue to help it achieve its purpose or mission
legal compliance
(objective) meet all laws and regulations to avoid legal action or damage to reputation
action plan
a list of tasks that need to be completed in order for a set goal to be achieved
monitor
to check or review the progress of something over a period of time
business plan
a formal document that gives the aims of the enterprise and outlines ways those aims will be achieved
sources of finance
the way in which an enterprise gets the money it needs to finance an activity
finance
the activities of an enterprise relating to money
start-up
the period of an enterprise when it is first set up
internal sources of finance
money that is found within the enterprise
interest
often, when an enterprise borrows money from a lender they will have to pay back the amount they borrow plus this agreed amount.
bank overdraft
a form of short term lending by the bank when there is no money left in the enterprise's bank account
