1.1.3 Flashcards
Business enterprise
Someone spotting a business opportunity and setting a business
Roles of Business enterprise
To add value
meet customer needs
produce goods or services
Producing goods and services
Land, labour, capital , enterprise
Land
Somewhere to produce the goods
Labour
People to work in business - human effort
Capital
Money to get business started
Enterprise
This is the drive or motivation from the owners to start a business
Ways to add value to a product or service
Saving time (convenience)
USP
quality
Design
Branding
Customer needs
Clothes water shelter
Customer wants
Holidays cars electronics
Enterprise
Taking risks being creative and innovate
An entrepreneurs
Develops a business idea then hires & organises the factors of production makes business decisions takes risks
