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GCSE Business (Edexcel) > 1.1 Enterprise and Entrepreneurship > Flashcards

1.1 Enterprise and Entrepreneurship Flashcards

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1
Q
  1. Give three reasons why new business ideas come about
A
  1. Changes in technology, changing consumer wants, products or services become obsolete.
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2
Q
  1. Give two reasons how new business ideas come about
A
  1. Original ideas, adapting an existing product
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3
Q
  1. What is meant by changes in technology?
A
  1. When technology advances, this may allow a business to create a new, or adapt an existing product. It may also have meant that as new technology is created a business has an opportunity to enter a market and take over some market share.
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4
Q
  1. What is meant by changes in consumer wants?
A
  1. This is when the needs of customers change over time and this may create a gap in the market which a business can fill with a new product or adapting an existing product.
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5
Q
  1. What is meant by products/services become obsolete?
A
  1. When a product/service becomes obsolete it means it is no longer wanted or needed. In this case as that product/service leaves the market, it creates a gap in the market to be filled.
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6
Q
  1. What is meant by a product?
A
  1. A tangible (something you can touch) good that is sold to a customer e.g. a mobile phone.
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7
Q
  1. What is meant by a service?
A
  1. An intangible (something you can’t touch) good that is sold to a customer e.g. a haircut
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8
Q
  1. What is meant by original ideas?
A
  1. An idea that is brand new and never been thought of before.
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9
Q
  1. What is meant by adapting an existing idea?
A
  1. An idea that already exists and has been changed to better suit the market.
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10
Q
  1. What is meant by a dynamic market?
A
  1. A market which is always changing.
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11
Q
  1. Why might a business choose to adapt an existing product rather than come up with an original idea?
A
  1. It may be cheaper because less market research would need to be completed. Also less risky as the business may already know that the product/service already works/is wanted.
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12
Q
  1. What is meant by a risk?
A
  1. The possibility of something negative occurring.
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13
Q
  1. Give three risks of starting a business
A
  1. Business failure, lack of security, financial loss
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14
Q
  1. What is meant by a reward?
A
  1. The possible positive outcome which may occur.
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15
Q
  1. Give three rewards of starting a business
A
  1. Profit, independence, business success
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16
Q
  1. What is meant by business failure?
A
  1. When a business leaves the market, potentially because of going bankrupt.
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17
Q
  1. What is meant by lack of security?
A
  1. When an entrepreneur does not know whether and when they will receive any income.
18
Q
  1. What is meant by financial loss?
A
  1. When an entrepreneur loses the capital that they have invested into the business.
19
Q
  1. What is meant by business success?
A
  1. When a business meets their aims and objectives.
20
Q
  1. What is meant by profit?
A
  1. When a business makes more revenue than it spends (total revenue > total cost)
21
Q
  1. What is meant by independence?
A
  1. When an entrepreneur has the power to make their own decisions.
22
Q
  1. What is meant by enterprise?
A
  1. It is another name for a business, or can be how an entrepreneur acts.
23
Q
  1. What are the three roles of business enterprise?
A
  1. Sell goods and services, meet customer needs, add value.
24
Q
  1. What is meant by adding value?
A
  1. Increasing the worth of a product or service. When the price is higher than the cost of the good or service.
25
Q
  1. Give five ways a business can add value.
A
  1. Convenience, quality, USP, branding, design
26
Q
  1. What is the benefit of adding value?
A
  1. The business can charge a higher price therefore gaining the business more revenue.
27
Q
  1. What is meant by convenience?
A
  1. How easy to access a product or service is.
28
Q
  1. What is meant by quality?
A
  1. How fit for purpose a product or service is.
29
Q
  1. What is meant by USP?
A
  1. Unique Selling Point- Something a product, service or business has that is different to what any other competitor provides.
30
Q
  1. What is meant by design?
A
  1. This links to the costs, aesthetics and function of the business.
31
Q
  1. What is meant by branding?
A
  1. A name, logo or symbol that differentiates one business from another.
32
Q
  1. How does convenience add value?
A
  1. By making the product/service easy to access, it saves the customer time which means they perceive it to be worth more, so they will pay a higher price.
33
Q
  1. How does quality add value?
A
  1. By being a quality product the customer sees it as fit for purpose, so they will be willing to pay a higher price.
34
Q
  1. How does adding a USP add value?
A
  1. As the product or service is unique, the customer can’t get it from anywhere else, therefore they will pay a higher price to gain access to the product.
35
Q
  1. How does improving the design add value?
A
  1. By making the design more in line with the customer needs, they will see the product as worth more because it fits in with what they are looking for, therefore they will be willing to pay a higher price.
36
Q
  1. How does branding add value?
A
  1. The customer will trust a product with a brand more, because they recognise and know it. This will lead to them paying a higher price because they don’t see it as viable to swap.
37
Q
  1. What are the three roles of an entrepreneur?
A
  1. Organise resources, make decisions, take risks.
38
Q
  1. What is meant by physical resources?
A
  1. The stock, materials and equipment a business has to organise.
39
Q
  1. What is meant by human resources?
A
  1. The employees/staff that work for a business.
40
Q
  1. What is meant by financial resources?
A
  1. The cash that a business has/ is trying to secure.

GCSE Business (Edexcel) (6 decks)

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