Business Unit 1.2 Flashcards
What is an Entrepreneur?
A person who owns and runs their own business and takes risks.
Give the keyword
“A willingness by an individual or a business to take risks, show initiative and undertake new ventures.”
Enterprise
What are “goods”?
Physical, tangible products like a car, a pair of scissors or a television set.
Unscramble the word and give a definition!
Vicesser
Services
Non-physical, intangible products like a taxi journey, a haircut or a television programme.
What is a competitive advantage?
An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.
What is meant by the term lateral thinking?
Thinking differently to try and find new and unexpected ideas.
Give the keyword
“A technique of creative thinking where participants are encouraged to think of as many ideas as possible about an issue or a problem”
Blue Skies Thinking
Whats the difference between an invention and innovation?
An invention is a new process or potential new products
An innovation is a new idea that has been thought of.
Unscramble the word and give the definition!
Tapnet
Patent
Rights of ownership of an invention or process when it is registered with the government.
What is a the copyright law?
Legal ownership of material such as books, music and films which prevents these from being copied by others.
What is the keyword?
“The symbol, sign or other features of a product or business that can be protected by law.”
Trademarks
What is meant by the term “Taking a calculated risk”
It was a calculated risk that had may pay off but had high chances of failure
