Business and Entrepreneurship Class XII Practice Flashcards

These vocabulary flashcards cover the core concepts of the Bhutanese Class XII Business and Entrepreneurship curriculum, including definitions of entrepreneurship, innovation cycles, business model assessment, intellectual property types, and operational strategies.

Entrepreneurship

A process of generating new business ideas, gathering economic resources, and establishing business ventures.

Entrepreneur

A person who carries out business activities and is willing to bear risks and enjoy profit as a reward.

Imagination

The process of envisioning new ideas, images, or concepts that were not perceived or explored before.

Creativity

The ability to develop new ideas or discover new ways of looking at problems and opportunities through the actual usage of imagination.

Innovation

The process of making changes in something already established by introducing new methods, ideas, or products to create solutions and opportunities.

Invention Cycle

A concept developed by Tina Seelig referring to the cyclic relationship amongst imagination, creativity, innovation, and entrepreneurship.

Design Thinking

A human-centric approach to problem-solving that uses a designer's sensibility to match customer needs with the value a business can offer.

Lean Startup

An entrepreneurial method for launching a new product or service with lesser investment in money and time through rapid experimentation and customer feedback.

Validated Learning

A principle of lean startup where startups learn how to grow a sustainable business through frequent, scientifically validated experiments.

Effectuation

A logic of thinking that serves entrepreneurs by taking an inventory of available resources (means) then setting business goals to co-create a venture with stakeholders.

Bird-in-hand Principle

An effectual logic principle representing starting a business with the means one has at their disposal: who they are, what they know, and whom they know.

Affordable Loss

A principle related to limiting risk by understanding what an entrepreneur could afford to lose while conducting business.

Business Idea

A business concept that can address an issue resulting in profit and other benefits if converted to a tangible product or service.

Business Opportunity

An idea or situation which has the potential to be converted into a viable business with commercial value.

Megatrends

Global shifts such as Climate Change & Resource Scarcity, Rapid Urbanisation, and Technological Breakthrough that serve as sources of business ideas.

SCAMPER Technique

A team brainstorming technique stands for Substitute, Combine, Adapt, Modify or Magnify, Purpose, Eliminate or Minimise, and Rearrange or Reverse.

PESTLE Analysis

A framework for assessing macro-environmental factors: Political, Economic, Social, Technological, Legal, and Environmental.

Intellectual Property (IP)

An intangible property resulting from creativity and innovation, including inventions, literary and artistic works, designs, symbols, names, and images used in commerce.

Patent

A title granted to protect an invention, generally for 20 years, allowing the owner to prevent others from commercially exploiting the invention.

Trademark

A sign or combination of signs that differentiates the goods or services of one company from another.

Business Model Canvas (BMC)

A management tool comprising nine building blocks that describe the rationale of how an organisation creates, delivers, and captures value.

Triple Bottom Line

A sustainability theory often referred to as the 3Ps: People, Planet, and Profit.

Gross National Happiness (GNH) Certification

An assessment tool for businesses based on nine domains: Psychological Wellbeing, Health, Time Use, Education, Community Vitality, Cultural Diversity, Good Governance, Ecological Diversity, and Living Standards.

Business Plan

A written document and strategic tool that describes marketing, operational, organisational, and financial plans to serve as a roadmap for an entrepreneur.

Porter's Five Forces (PFF)

A tool identifying the forces of competition: Competitive rivalry, Threat of new entrants, Threat of substitutes, Bargaining power of buyers, and Bargaining power of suppliers.

Marketing Mix

A set of tactical tools (4Ps for products or 7Ps for services) used by businesses to achieve marketing goals.

Noncurrent Assets

Long-term assets such as Property, Plant and Equipment (PPE), and intangible assets whose value is realised over more than one accounting year.

Job Method

An operation approach used for manufacturing a non-standardised product as per specific customer orders.

Batch Production

An operation method producing identical products in groups or batches, stage by stage, through the production process.

SMART citizens

A vision for citizens who are Sincere, Mindful, Astute, Resilient, and Timeless.