Entrepreneurship Flashcards
(21 cards)
Entrepreneure
A person who recognises business opportunities in the market and transforms it into a successful and profitable business
Target market
A specific group of people who would be interested in your products/services and are going to pay for it
Start up resources
Materials and human resources needed to start a business
Start up capital
Money needed to start a business and keep it running until the business begins to make a profit
Operating costs
All costs involved in running the business and producing the product
Production costs
All costs involved in manufacturing and packaging the product
Overheads
Costs that need to be paid in order for the business to operate
Break-even point
When a business sells enough products /services to cover all their expenses without making a profit or loss
Product specifications
A detailed statement describing the product to ensure that consumers always get good quality products
Quality control
The process of inspecting products to ensure the required standards are met
Sustainable production
Using raw materials and human resources to improve the quality of life and meet basic needs without harming the environment
Profitable business
A business that fulfills an unmet need in the marketplace and generates a profit
Efficient production
Using raw materials and human resources to increase productivity with little waste
Sustainable profitability
A business that is in production for a long period,covers all its costs and shows a profit
Cash flow projection
A document showing the movement of money over a future period
Financial feasability study
A study of whether a business will be a success by taking into consideration it’s total costs and probable revenues
Best sale scenario
When a business is able to meet it’s sales target and make a profit
Worst sale scenario
When a business is unable to meet it’s sales target,sales less than it’s break-even point and makes a loss
Competitive edge
A business that offers a better product than local businesses
Patent
A license giving someone the sole right to use or sell an invention for a set period
Copy right
The exclusive legal right to perform,film or publish literary or musical material
