1.2.1 - Role Of An Entrepreneur Flashcards
1
Q
Creative destruction
A
Where innovation leads to new, superior products being developed and old products being replaced, business’s who don’t adapt may fall, leading to economic growth
2
Q
Adding value
A
Selling output for more than the cost of input
3
Q
How is value added
A
Branding
Premium price
USP
Patented product
