1.1 Enterprise And Entrepreneurship

Question 1

Enterprise

Answer 1

Entrepreneurial activity (can also mean business or company)

Question 2

Entrepreneur

Answer 2

Someone who creates a business, taking on financial risks with the aim of making a profit from the business

Question 3

Consumer

Answer 3

Someone who buys and uses goods and services

Question 4

Obsolete

Answer 4

No longer in use because it can’t produce value for the company

Question 5

E-commerce

Answer 5

Using the internet to carry out business transactions

Question 6

M-commerce

Answer 6

Using mobile technologies, such as smartphones and tablets, to carry out business transactions

Question 7

Social media

Answer 7

Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content

Question 8

Payment platform

Answer 8

Enable businesses to take online payments from customers. They are usually free for the customers to use, but take a small amount of commissions from the seller

Question 9

Marketplace

Answer 9

Any location, whether online or in person that facilitates the exchange of goods between buyers and sellers

Question 10

Data

Answer 10

Information, particularly statistics, that can be collected and analysed

Question 11

Demographic

Answer 11

Relating to the population, such as age, gender, income and so on

Question 12

Risk

Answer 12

The possibility that an enterprise will have lower than expected profits or experience a loss

Question 13

Financial reward

Answer 13

The money that an entrepreneur or investor receives when a business succeeds

Question 14

Market research

Answer 14

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

Question 15

Revenue forecast

Answer 15

A prediction of future revenue based on expected sales; this is either a judgement or based on previous sale patterns

Question 16

Cash flow

Answer 16

The amount of money coming in and going out of the business at a specific point in time

Question 17

Sales revenue

Answer 17

The amount of money that comes in from a business’s sales

Question 18

Investment

Answer 18

Putting money into a business with the intention of making profit

Question 19

Start-up

Answer 19

A new business, usually with only a small number of employees - perhaps only one

Question 20

Intuition

Answer 20

Knowing something instinctively or understanding something easily without conscious thought

Question 21

Stakeholder

Answer 21

Anyone who has an interest in the activities of a business (such as it’s workers, it’s suppliers, its directors, the local community and the government)

Question 22

Ethics

Answer 22

Moral principles or standards that guide the behaviour of a person or business

Question 23

Unique selling point (USP)

Answer 23

Something that makes a product stand out from its competitors

Question 24

Values

Answer 24

Standards of behaviour or moral principles

Question 25

Market share

Answer 25

The proportion of sales in a market that is taken by one business

Question 26

Economy

Answer 26

The system by which a country or regions money and goods are produced and used