enterprise and entrepreneurship

minimising risk

Minimising risk= start small, build up reputation, test marketing, cash flow, fair prices, low- cost marketing.

Social media

promotional strategy

Business failure

ultimate risk regardless of size or scale

Financial loss

losing financial investment

Lack of security

leaving employment to start business venture

Business failure

lack of demand, poor cashflow, poor responds to new markets

Business success

it is subjective and can be measure differently

Profit

‘profit is what happens when you do everything else right

Non-financial rewards

recognition, reputation, campaigns, awards, self-satisfaction

Philanthropy

promotes the welfare of others by making generous donations to good causes

Resilience, hard

working, creative, decisive, a good communicator

Making decisions

can bring success and failure they need to consider, before, during the growth and after

Opportunity cost

must balance the opportunities they may lose with the ones that they may gain

Take risks

any decision has an element of risk

Branding

is the name or image that identifies one business product or services as unique

Design

good product and packaging design adds value to a product

Quality

perceived or actual high quality suggests reliability and longevity

Convenience

offering consumers increased convenience can enable a business to increase market share and charge a higher price in a price sensitive market

Unique selling point (USP)

a feature that differentiates a business from its competitors