1.1 Enterprise and entrepreneurship Flashcards
(8 cards)
What are the 3 reasons why new business ideas come about
Changes in technology
Changes in what consumers want
Products and services becoming obsolete
The 3 reasons why new business ideas come about
Changes in technology
Changes in what consumers want
Products and services becoming obsolete
The two ways how new business ideas come about
Original ideas
Adapting existing products/services/ideas
The potential risks of business activity
Business failure
Financial loss
Lack of security
The potential rewards of business activity
Business success
Profits
Independence
What are the three roles of businesses
To produce goods or services
To meet customer needs
To add value
What are the ways that a business adds value
Convenience
Branding
Quality
Design
USP’s
What are the three roles of an entrepreneur
Organising resources
Making business decisions
Taking risks
