1.1 Enterprise and Entrepreneurship Flashcards
1
Q
What does dynamic mean in terms of a business?
A
It is an ever changing business and adapts to customer needs
2
Q
What does obsolescence mean?
A
When ideas go out of date
3
Q
Examples of Risk
A
Business Failure, Financial loss, Lack of security
4
Q
Examples of Reward
A
Business Success, Profit, Independence
5
Q
What is Adding Value
A
Adding Value is the ability to charge more to gain higher revenue. (Higher Selling Price)
6
Q
Adding Value Formula
A
Selling Price - Production Cost
7
Q
Ways to Add Value
A
Convenience, Branding, USP, Design, Quality, Customer Service.
8
Q
What do Entrepreneurs mainly do?
A
Manage Resources, Take Risks, Make Decisions.
9
Q
Definition of an Entrepreneur
A
A person who runs and owns their own business.
10
Q
A
