Business 1.1: Enterprise and entrepreneurship definitions

Question 1

Entrepeneur

Answer 1

Someone who starts their own business

Question 2

Enterprises

Answer 2

Another word for businesses

Question 3

Enterprise

Answer 3

The willingness by an individual or a business to take risks, show initiative and undertake new ventures.

Question 4

Risk

Answer 4

The chance of damage or loss occurring as a result of making a decision.

Question 5

Goods

Answer 5

Physical, tangible products like a car, a pair of scissors or a television set.

Question 6

Services

Answer 6

Non-physical products, intangible products like a taxi journey, a haircut or television programme.

Question 7

Competitive advantage

Answer 7

An advantage that a business has to enable it to perform better than its rivals in the market and which is both distinctive and defensible.

Question 8

Lateral thinking

Answer 8

Thinking differently to try and find new and unexpected ideas.

Question 9

Innovation

Answer 9

The process of transforming inventions into products that can be sold to customers

Question 10

Invention

Answer 10

The discovery of a new process and potentially new products, typically after a period of research.

Question 11

Patent

Answer 11

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

Question 12

Copyright

Answer 12

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

Question 13

Trademark

Answer 13

The symbol, sign or other features of a product or business that can be protected in law.