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Unit 1 - Business Studies GCSE > 1.2 - Showing enterprise > Flashcards

1.2 - Showing enterprise Flashcards

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1
Q

IN GENERAL, what is an enterprise?

A

A word which represents the ideas and initiatives involved in starting a new business.

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2
Q

What is the difference between GOODS and SERVICES?

A

GOODS - Physical and tangible products, e.g. a car

SERVICE - Non-physical, intangible products, e.g. insurance

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3
Q

What is an Entrepreneur?

A

A person who owns and runs their own business and takes risks.

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4
Q

IN DETAIL, what is an enterprise?

A

The initial spark and idea for a business and the willingness by an individual to show initiative, take a risk and undertake a new venture.

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5
Q

What are 3 main enterprise skills?

A
  1. Risk-taking
  2. Showing initiative
  3. Willingness to undertake a new venture
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6
Q

Why is Enterprise (businesses) important?

A

Because new businesses create jobs and wealth in the economy.

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7
Q

What does the success of a business depend on (4) ?

A
  1. The ability of the owners to come up with new, unique and creative ideas.
  2. In order to compete
  3. To identify new opportunities
  4. To differentiate themselves from competitors.
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8
Q

What are 6 advantages of thinking creatively?

A
  1. Considers ‘what if?’ questions
  2. Unique ideas and products
  3. Improved customer services
  4. Cheaper production techniques
  5. Better products
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9
Q

What is Deliberate Creativity?

A

The intentional creation of new ideas through recognised and accepted techniques.

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10
Q

What are 5 methods of deliberate creativity?

A
  1. Creating lists
  2. Mind mapping / brainstorming
  3. Make it bigger/smaller
  4. Combining things together
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11
Q

What is BLUE SKIES thinking?

A

Coming up with as many ideas as possible to solve a problem.

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12
Q

What is LATERAL thinking?

What is an example of Lateral thinking?

A

Involves thinking differently to try and find new and unexpected ideas.

De Bono’s Six Thinking Hats is an example of lateral thinking.

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13
Q

What does the WHITE De Bono hat represent?

A

Facts about an idea

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14
Q

What does the RED De Bono hat represent?

A

Emotions and gut feelings about an idea

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15
Q

What does the BLACK De Bono hat represent?

A

Difficulties of the idea

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16
Q

What does the YELLOW De Bono hat represent?

A

Positive aspects of the idea

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17
Q

What does the GREEN DE Bono hat represent?

A

How to get around a problem creatively

18
Q

What does a BLUE De Bono hat represent?

A

Thinking about what they are thinking

19
Q

Why do entrepreneurs ask themselves questions (4) ?

A
  1. Helps identify business objectives
  2. Helps develop aspects of the business plan
  3. Identifies potential problems and pitfalls
  4. Helps make important decisions
20
Q

What are 3 examples of ‘Why and Why Not?’ questions that an entrepreneur might ask themselves?

A
  1. Why do I want to start my own business?
  2. Why do I want to change?
  3. Why not set up my own website business?
21
Q

What are 5 examples of ‘How? Where and When?’ questions that an entrepreneur might ask themselves?

A
  1. How do I set up the business?
  2. How do I build up a customer base?
  3. How will I research my market?
  4. Where can I get help and advice?
  5. When could I open the business?
22
Q

What are 4 examples of ‘What if’ questions that an entrepreneur might ask themselves?

A
  1. What if my business loses money?
  2. What if my customers do not like my products?
  3. What if there is too much competition?
  4. What if I am ill for a long period of time?
23
Q

What are the stages of invention and innovation?

A
  1. Research and development → INVENTION
  2. Potential products and processes → INNOVATION
  3. Products ready to sell to its customers
24
Q

What are 3 reasons as to why invention and innovation is risky?

A
  1. Expensive
  2. Time-consuming
  3. Many new products fail to make it to market.
  4. Some businesses choose to wait to copy or ‘follow’ other business, creating ‘me too’ products.
25
Q

What are PATENTS?

A

Right of ownership of an invention, design or process when it is registered with the government.

26
Q

What is a COPYRIGHT?

A

Legal ownership of material such as books, music and films which prevent these being copied by others.

27
Q

What are TRADE MARKS?

A

The logo, symbol, sign, or other features of a product or business that cannot be copied by others.

28
Q

What is taking a CALCULATED RISK about?

A

Putting a numerical value or probability on the risk and the likelihood of it coming true.

29
Q

How can a business calculate its risk?

A

Through MARKET RESEARCH

30
Q

How can understanding the risk help a business?

A

It can help a business make decisions that will reduce the likelihood of a negative outcome.

31
Q

What are 3 likely examples of calculated risk?

A
  • There’s a 50:50 chance of an advert’s success
  • There’s a 1 in 3 chance of a business failing
  • 10% of customers will return products
32
Q

Why is it that SOMETIMES, for an entrepreneur, making mistakes is beneficial?

A

They will become better at calculating risk.

33
Q

How can risk be calculated?

A

By identifying and comparing UPSIDES and DOWNSIDES.

34
Q

What are the 5 skills that contribute to an individual’s success?

A
  1. Planning
  2. Drive
  3. Thinking Ahead
  4. Determination
  5. Seeing opportunities
35
Q

What is Planning?

A

Identifying a direction and plan of action for the business.

36
Q

What is Drive?

A

Being hardworking and motivated to achieve success.

37
Q

What is Thinking Ahead?

A

Having the foresight to identify potential problems.

38
Q

What is Determination?

A

Being resilient when things go wrong (not giving up).

39
Q

What is ‘Seeing Opportunities’ ?

A

Having the creativity and imagination to do things differently.

40
Q

What is the mnemonic to remember the important enterprise skills?

A

Please Don’t Trip Down Stairs

41
Q

Why are mindmaps useful?

A

They help an entrepreneur get their ideas down on paper, when thinking ahead, planning the business and trying to identify new opportunities.

Unit 1 - Business Studies GCSE (5 decks)

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