Unit 1 - Enterprise and Entrepreneurship

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Dynamic nature of business

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15 Terms

1

Dynamic nature of business

The idea that business is ever-changing because external factors, such as technology, are always changing.

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2

Venture capital

money provided by large investors to finance new products and new businesses that have a good chance to be very profitable

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3

Why do new business ideas come about?

  • changes in technology

  • changes in what consumers want

  • products and services becoming obsolete

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4

Demand

the quantity of a good or service that consumers are willing and able to buy

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5

Entrepreneurs

a person who organizes and operates a business or businesses, taking on financial risks in order to do so.

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6

obsolete

out-of-date, no longer in use

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7

competitive advantage

a feature of a business that helps it to succeed against rivals

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8

goods

Physical objects such as clothes or shoes

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9

Services

intangible products, e.g. haircut.

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10

Unique selling point ( USP)

Something that makes a product stand out from its competitors

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11

Value added

the difference between the selling price and the cost of bought-in goods and services (the difference that creates the possibility of profit).

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12

Human resources

a term used by organisations that simply means employees.

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13

Resources

all things used in producing goods and services

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14

risk taking

bearing the uncertainties that are part of the marketing process

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15

innovation

something new

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