1.1 Enterprise and Entrepreneurship

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6 Terms

1
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Why do new business ideas come about?

Changes in technology.

Changes in consumer wants/needs.

Products and services becoming obsolete.

2
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How do new business ideas come about?

Original ideas.

Adapting existing product/service/idea.

3
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Risks of business activity?

Business failure.

Financial loss.

Lack of security.

4
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Rewards of business activity?

Business success.

Profit.

Independence.

5
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Role of business enterprise?

To produce goods or services.

To meet customer needs.

To add value: branding, quality, USP

6
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Role of entrepreneurship?

Organise resources.

Make business decisions.

Take risks.