1.1 Business and Entrepreneur Flashcards
Enterprise
Entrepreneurial activity (can also mean a business or company)
Entrepreneur
Someone who creates a business, taking on financial risks with the aim of making a profit from the business
Consumer
Someone who buys and uses goods and services
Marketplace
The activities involved in buying and selling particular types of goods or services, in competition with other companies
Adapting exisiting product
Finding new products based on the original one, such as Wall’s White Chocolate Magnum
Orginal ideas
Ideas that have not been done before
Obsolete
Out of date or not used anymore
Competitive advantage
A feature of a business that helps it to succeed against rivals
Risk
The possibility that an enterprise will have a lower than anticipated profits or experience a loss.
Financial reward
The money that an entrepreneur or investor receives when a business succeeds
Business failure
The collapse of a business, probably leading to it’s closure
Market research
The process of gathering information about the market and customers needs and wants in order to help inform business decisions, including product design and marketing
Data
Information, particularly statistics, that can be collected and analysed.
Customer needs
The products or services people need to make life comfortable
Customer wants
What people choose to spend their money on, once the weekly bills are paid
