1.1.1 Flashcards
The Dynamic Nature of Business
What is an Enterprise
entrepreneurial activity (can also mean business or company)
What is an Entrepreneur
someone who creates a business, taking on financial risks with the aim of making a profit from the business
What is Consumer
someone who buys and uses goods and services
What is Obsolete
out of date or not used anymore
What is E-commerce
using the internet to carry out business transactions
What is M-Commerce
using mobile technologies, such as smartphones and tablets, to carry out business transactions
What is Social Media
websites that allow users to interact with other users, by sharing text based messages, pictures or links to online content
What are Payment platforms
enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller
What is Marketplace
the activities involved in buying and selling services, in competition with other companies
What is Data
information, particularly statistics that can be collected and analysed
What is Demographic
relating to the population, such as average age, average income and so on
Need
The products or services people need to make life comfortable
Want
What people choose to spend money on , once the weekly bills have been paid (rent, water, food)
Good
Products that may be fresh, such as apples, or manufactured, such as Heinz beans. They are tangible.
Service
Providing useful ways to help people live their lives, for example shops, restaurants and hospitals.
What is Venture capital
Risk capital provided by an investor willing to take a risk in return for a share in any later profits; the venture capital
What is Demand
The number of units that customers want – and can afford – to buy
What is Adapted Products
Finding new products based on the original one, such as Wall’s White Chocolate Magnum
What is Original idea
Ideas that have not been done before
What is Competitive advantage
A feature of a business that helps it to succeed against rivals
What is The Dynamic Nature of Business
The idea that business is ever-changing because external factors, such as technology are always changing
