Enterprise

Question 0

What’s an entrepreneur?

Answer 0

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

A person who sets up a business which sells either goods or services.

Question 1

What are the 3 main enterprise skills?

Answer 1

Taking risks - risking the chance of damage or loss as a result of your decisions.

Showing initiative - making the first move and making things happen.

Willingness to undertake new ventures - being willing to try something new despite not being successful.

Question 2

What are goods?

Answer 2

Something tangible and physical which can be seen and touched e.g. Clothes, phones etc.

Question 3

What are services?

Answer 3

Non - physical, intangible products that cannot be touched e.g. Bus, planes, trains etc.

Question 4

What are commodities?

Answer 4

(Specific type of good)

Raw materials such as oil, coal, gas, wheat, sugar etc that are bought and sold by businesses.

Question 5

What questions should be asked when finding out about products?
(6 - 10)

Answer 5

Why? - set up the business, benefits
Why not? - are there any potential risks?
What? - what is it?
How? - how will it be sold?
Where? - where to be sold?
When?

Profit?
Future?
Competition?
Cost?

Question 7

What is deliberate creativity?

Answer 7

Using a range of techniques to stimulate thinking and the production of new ideas.

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

Deliberate creativity uses thinking techniques to spark off new ideas.
For example, putting on different thinking hats to tackle problems from different angles. ‘White-hat’ thinking looks at facts and ‘black-hat’ thinking looks at drawbacks.

Question 8

What is blue skies thinking?

Answer 8

When participants are encouraged to think of as many ideas as possible about an issue.
Brain storming.

A technique of creative thinking where participants are encouraged to think or as many ideas as possible about an issue or a problem.

Blue-sky thinking involves a group of people looking at an opportunity with fresh eyes. As many ideas as possible are generated in an ideas generation session where no ideas are rejected as silly.

Question 8

What are the 6 thinking hats (used mainly with deliberate creativity)?

Answer 8

Information (white)
Judgement / negative (black)
Creativity (green)
Thinking about (blue)
Feelings (orange)
Benefits (yellow)

Question 9

What is lateral thinking?

Answer 9

Thinking differently to try and find new and unexpected ideas.

Lateral thinking or thinking outside the box.
An example of this would be breaking down the steps taken to serve coffee in a café and asking ‘why’ at each step to see if a better process can be created.

Question 11

What does invention mean?

Answer 11

Making new items or finding new ways of making items.
The formulation of new ideas for products or processes.

The discovery or new processes and potential new products, typically after a period of research.

Question 11

What’s a product?

Answer 11

An physical or non-physical item which is manufactured and designed for sale.

Question 12

What does innovation mean?

Answer 12

Bringing the new ideas/items (invention) to the market, where it’s turning an invention into a product.

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

Question 13

What does enterprises mean?

Answer 13

It’s another word for businesses.

Question 14

What is another word for businesses?

Answer 14

Enterprises

Question 15

What is enterprise?

Answer 15

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

Question 16

What’s a risk?

Answer 16

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

Question 17

What is a patent?

Answer 17

A government authority or licence conferring a right or title for a set period - especially the sole right to exclude others from making, using, or selling an invention.
Right or ownership of an invention or process when it is registered with the government.

Question 18

What does copyright mean?

Answer 18

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

Question 19

What are trademarks?

Answer 19

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

Question 20

What’s a calculated risk?

Answer 20

The probability of a negative event occurring.

Question 21

What are downsides?

Answer 21

The disadvantages of a course of action, including what can go wrong.

Question 22

What are upsides?

Answer 22

The advantages of a course of action, including what can go right.

Question 23

What does driven mean?

Answer 23

In business, being very motivated.

Question 24

Mindmap

Answer 24

Is a diagram that is used to record words and ideas and connected to a central word or idea.

Question 25

How can the law protect a new business idea?

Answer 25

The law protects new business ideas by using patents.

Question 26

How can an entrepreneur create a competitive advantage?

Answer 26

An entrepreneur can create a competitive advantage by improving customer service.

Question 27

What would a manufacturer use to stop rivals from using their name on copied products?

Answer 27

A manufacturer would use a trademark to stop rivals using their name on copied products.

Question 28

How would a drug company stop rivals from copying a new drug?

Answer 28

A drug company would register a patent to stop rival companies copying a new drug.

Question 29

What’s the purpose of a business?

Answer 29

To produce goods and services to meet the needs of customers.

They'd have to consider:
Is there a business opportunity?
Legal aspects?
What will be sold and to whom?
How will the business be financed?
Etc

Question 30

What’s primary research?

Answer 30

(Field research)
Collecting data that didn’t exist before. This first-hand contact with customers is valuable to a business in understand their market.

Examples include surveys, focus groups, questionnaires etc.

Question 31

What’s secondary research?

Answer 31

(Desk research)
Gathering secondary data which is information which already exists.

This include internet sites, newspapers, sales data, telephone directories etc.

Question 32

What’s qualitative data?

Answer 32

Information about opinions, judgements and attitudes.

Question 33

What’s quantitative data?

Answer 33

Data that can be expressed as numbers and statistically analysed.

Question 34

What’s the purpose of a business?

Answer 34

To produce goods and services to meet the needs of customers.

They'd have to consider:
Is there a business opportunity?
Legal aspects?
What will be sold and to whom?
How will the business be financed?
Etc