Business Year 10 1.1 key words

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6 Terms

1
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Enterprise

The process by which new businesses are formed in order to offer products and services in a market.

2
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Entrepreneur

An individual who sets up and runs a new business and takes on the risks associated with the business

3
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Added value

The process of increasing the worth of resources by modifying them

4
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Obsolete

A product or service that is out of date and no longer used. Often because it has been replaced by something newer, better, or more fashionable

5
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Unique selling point (USP)

A feature or benefit that separates a product from its competitors

6
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Profit

The money a business makes after deducting all its costs from its revenue