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GCSE Business > 1.1 Enterprise and Entreprneurship > Flashcards

1.1 Enterprise and Entreprneurship Flashcards

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1
Q

what is a product?

A

Anything capable of satisfying customer needs

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2
Q

what is a service?

A

an act a business carrys out for money

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3
Q

why do new business ideas come about?

A
  • advancements in technology
  • changes in customer wants
  • products becoming obsolete
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4
Q

what is an original idea?

A

ideas that haven’t been used before to put a product/service into production.

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5
Q

how would a business create a new product?

A
  • mix and match
  • new versions of an old product
  • cheaper version of an old product
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6
Q

what is are examples of a risks?

A
  • business failure
  • financial loss
  • lack of security
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7
Q

what is are examples of a rewards?

A
  • business success
  • profit
  • independence
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8
Q

what is the equation for profit?

A

profit=total revenue-total costs

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9
Q

what is needed to produce goods/services?

A

1) land (a place to work)
2) labor (people to work)
3) capital (money to start a business)
4) enterprise (the drive/motivation to start a business)

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10
Q

what is the purpose of business activity?

A

to meet customer needs

to add value

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11
Q

what is added value?

A

the difference between the price a business pays its suppliers and the amount it sells for.

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12
Q

what are skills an entrepreneur needs?

A
  • takes risks
  • creative
  • innovative
  • uses his initiative
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13
Q

what are the 7 main causes of start up failure?

A

1) starting a business for the wrong idea
2) poor management
3) insufficient capital
4) poor location
5) lack of planning
6) over expansion
7) no/poor quality website

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14
Q

what does obsolete mean?

A

a product that is no longer used or out of date

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15
Q

what are the advantages of starting your own business?

A
  • keep all profit

- independance

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16
Q

what does an entrepreneur do?

A
  • makes business decisions
  • organizes resources
  • takes risks
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17
Q

how can changes in technology effect products?

A
  • makes products/services faster
  • makes products smaller
  • makes products/services cheaper
  • makes products and services easier to use
  • makes products safer
18
Q

how can risks be reduced?

A
  • by carrying out market research
  • producing a business plan
  • ensure a business is competitive
  • raise enough start up finance
19
Q

what makes some businesses riskier than others?

A

-small market
-highly competitive market
-an owner who knows little about the product or
market
-seasonal demand (eg ice cream)

20
Q

what is a business/enterprise?

A

person or organization with the purpose of producing goods/services to meet the needs of customers

21
Q

how can a business add value?

A

a business can do this by:

  • design
  • branding
  • usp
  • convenience
  • quality
22
Q

what are the benefits of adding value?

A

added value is used to help pay fixed costs

23
Q

what is an entrepreneur?

A

a person who owns and runs their own business

24
Q

how do entrepreneurs create new products?

A

through invention and innovation

25
Q

how do entrepreneurs benefit from the economy?

A
  • creating products/services to meet peoples needs
  • creating jobs
  • paying tax to the government
  • exporting goods abroad
26
Q

how can changing technology change products?

A

it can:

  • make them faster
  • make hem smaller
  • make them cheaper
  • make them easier to use
  • make them safer
27
Q

what causes change in needs?

A
  • changes in fashion
  • changes in economy
  • changes in national demographics
  • changes in lifestyle
  • changes in technology
28
Q

what is a supplier?

A

a business that sells products to other businesses

29
Q

what is production?

A

using raw materials, labour and machinery to make products

30
Q

what is a customer?

A

a person/organization that buys the product or service

31
Q

what is a consumer?

A

the person that uses the product

32
Q

why can customer needs change?

A
  • changes in fashion
  • changes in economy
  • changes in demographics
  • changes in lifestyle
  • changes in technology
33
Q

what is planned obsolesce?

A

when a product is designed to last a short amount of time so the customer can buy a upgraded one soon

34
Q

what is USP?

A

unique selling point

35
Q

what are skills of a entrepreneur?

A
  • risk taking
  • willingness to undertake a new adventure
  • showing initiative
36
Q

what are needs?

A

things customers cannot live without

37
Q

what are wants?

A

something a customer desires

38
Q

what does a business need to produce products/services?

A

1) land
2) labour
3) capital
4) enterprise

39
Q

what are customer needs?

A
  • quality
  • durability
  • choice
  • looks good
  • price
  • continence
40
Q

how can a business increase sales?

A
  • lowering price
  • promoting the product
  • improve the product

GCSE Business (6 decks)

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