Entrepreneur Flashcards
(19 cards)
What does enterprise mean?
Enterprise is being creative and coming up with new ideas/ innovative
What enterprise could you do at home?
Doing a household budget to make sure you have enough money to cover your costs. Selling unwanted goods. Doing DIY at home.
What enterprise could you do at school?
Setting up a mini-company. E.g bracelet shop
What enterprise could you do for the community?
Setting up a neighbourhood watch or setting up a youth club.
What is social enterprise?
This is when people in business put people on thecommunity before profit.
What are some internal sources of ideas?
Brainstorming, feedback from sales reps, entrepreneurship- rewards and research and development
What are some external sources of ideas?
Competition, customer complaints, import substitution and research
What does import substitution mean?
Replacing imported good, by Irish companies making the product.
What does entrepreneurship mean?
Coming up up with new ideas within a business, taking les risk because you use the business money not yours, but are still taking personal risk of failure
How many stages are there is product development process?
Seven stages
What is the first stage of product development process?
Idea generation - brainstorming - all ideas are considered.
What is the second stage in product development process?
Product screening- best ideas are picked others are rejected.
What is the third stage in product development process?
Concept - idea is developed - USP is decided (unique selling point)
What is the fourth stage in product development process?
What is the third stage in product development process?
Concept development- idea is developed- USP is decided (unique selling point)
What is the fourth stage of product development process?
Feasibility study - is it possible to make it ? Is it going to be profitable?
What is the fifth stage of product development process?
Prototype development- working model- then you Cade modify and make better.
What is the sixth stage of product development process?
Test marketing- small sample. Feedback from potential customers. Before you go into full production.
What is the seventh stage of product development process?
Production launch - full scale production!
