Risk and Reward: Business: Pearson (Edexcel): GCSE (9:1)
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15 Terms
Risk
The chance that something will happen or the chance of a particular outcome
Reward
Positive benefits from an activity
Success rate of new products
One in 5 (20%)
Failure rate of new businesses
50% fail in the first 5 years
Business failure
The collapse of a business, when it can't trade anymore
Independence
Being able to freely make decisions
Risk and reward
The balance between the best outcome and the worst outcome
Financial loss
Loss of money or decrease in financial value
Debt
Money owed
Profit and wealth
A net gain in money over a set period of time, financial benefit
Business success
When a business is making a profit or achieving its aims and objectives
Lack of financial security
when you can't predict how much revenue or profit a business will make
Ways to minimise risk
Develop a business plan, do market research, raise enough capital
Start-up period
The time when a business is starting to operate, developing systems and testing the market - a high-risk stage
Incentive
A reward for doing something
Note 
Flashcards (45)