The Dynamic Nature Of Business Flashcards
(16 cards)
What is a product?
Anything that is capable of satisfying customers needs
Give 3 examples of a product
-Mobile phone
-game console (ps5)
-cosmetics (makeup)
What is a service
An act of business a person carries out in exchange for money
3 examples of a service
-barbers
-gardening
-travel agency
What does ‘e-commerce’ mean
Online / electrical business
3 examples of an e-commerce
-Amazon
-Shein
-vinted
What is an entrepreneur
Someone who creates a business with financial risks aiming to make a profit
What is a risk
May lead to failure to achieve the goals of the organisation
What is Business failure
When a business does not trade in a profitable way
When a business makes terrible decisions
Why may an entrepreneur identify a new business idea
-Could be a completely new product - no competition in the market
-Based on the market - if certain products are doing well the entrepreneur may have interest in selling the product too
Which is not a service
-bus journey
-hat
-mowing a lawn
Hat
What are 3 risks a business could have
- business failure
-financial loss
-lack of security
What are rewards a business could make
-profit
-Independence
What are 5 things an entrepreneur can learn from staring a business
- finances
-accounting
-staff control
-working with customers
-dealing with suppliers
A reason to start your own business could be …
-To be your own boss
-to become independent
How could you reduce risks in having a business
- doing research on the market ( know what’s popular)
-understand needs of customers
