4.1.1 Enterprise and entrepreneurship Flashcards
Why new business ideas come about:
(3)
● changes in technology
● changes in what consumers want
● products and services becoming obsolete.
How new business ideas come about:
(2)
● original ideas
● adapting existing products/services/ideas
The impact of risk on business activity: (3)
● business failure
● financial loss
● lack of security
The impact of rewards on business activity: (3)
● business success
● keeping profit
● independence
Dynamic
Continuously changing or evolving
Business
The activity of buying or selling goods or services.
Entrepreneurs
A calculated risk-taker who sets up a business in return for financial gain.
Obsolete
A product or service with declined sales or come to an end as consumers find something new.
The role of business enterprise (3)
● to produce goods or services
● to meet customer needs
● to add value
The role of entrepreneurship: (3)
● organises resources
● makes business decisions
● takes risks.
Methods of adding value (5)
● convenience
● branding
● quality
● design
● unique selling points.
Collins branding design was under quality
