Enterprise IGCSE terms

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