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Enterprise
Entrepreneurial activity (can also mean a business or company)
Entrepreneur
Someone who creates a business, taking on financial risks with the aim of making a profit from the business
Consumer
someone who uses goods and services
Customer
Someone who buys goods and services
Obsolete out
of
Need The products or services people need to make life comfortable
Want What people choose to spend their money on, once the weekly bills have been paid (rent, water, food)
Good Products that may be fresh, such as apples, or manufactured, such as Heinz beans. They are tangible
Service Providing useful ways to help people live their lives, for example shops, restaurants and hospitals
Venture capital Risk capital provided by an investor willing to take a risk in return for a share in any later profits; the venture capital
Demand The number of units that customers want
and can afford
Competitive advantage A feature of a business that helps it to succeed against rivals
Characteristics/skills of entrepreneur Courage, creativity, determination, communication, organisation
Dynamic nature of business The idea that business is ever
changing because external factors, such as technology, are always changing.
E
commerce Using the internet to carry out business
M
commerce Using mobile technologies, such as smartphones and tablets, to carry out business transactions
Adapting existing products The process of changing an existing product or service so that it is suitable for different customers.
Original idea Ideas that have not been done before
