1.1.2 Risk & Reward Flashcards
Demand
The number of units that customers
want – and can afford – to buy.
Entrepreneurs
Business people who see
opportunities and are willing to take risks in
making them happen.
Obsolete
A product or service with sales that
have declined or come to an end as customers
find something new.
Business Failure
The collapse of a business,
probably leading to its closure.
Lack of Financial Security
Uncertainty for the
business owner about day-to-day family income
and assets.
Independance
The need by many business
owners to make their own decisions and be their
own boss.
Risk and Reward
The balance between the worst
that can happen and the best that can happen.
Business Decisions
Choices that have to be
made, usually within a short time period.
Human Resources
A term used by
organisations that simply means employees.
Resources
Things or people that can be used to help build and run the business.
