Enterprise Flashcards
Entrepreneur
A person who owns and runs their own business and takes risks.
Enterprise
A willingness by an individual or a business to take risks, show initiative and undertake new ventures.
Physical, tangible products like a car, a pair of scissors or a television set.
Goods
Non-physical, intangible products like a taxi journey, a haircut or a television programme.
Services
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.
Thinking differently to try and find new and unexpected ideas.
Lateral Thinking
Blue Skies Thinking
A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.
The discovery of new processes and potential new products, typically after a period of research.
Invention
Innovation
The process of transforming inventions into products that can be sold to customers.
Patent
Right of ownership of an invention or process when it is registered with the government.
Legal ownership of material such as books, music and films which prevents these being copied by others.
Copyright
Trademarks
The symbol, sign, or other features of a product or business that can be protected by law.
Calculated Risk
The probability of a negative event occurring.
