Enterprise And Entreneurship

Question 1

Full capacity

Answer 1

Total amount you can produce

Question 2

Demand

Answer 2

Amount consumers are wiling and able to buy

Question 3

Patent

Answer 3

Legal ownership of your invention

Question 4

Revenue

Answer 4

Money coming in

Question 5

3 types of infringements

Answer 5

Patent
Trademark
Copyright

Question 6

Enterprise

Answer 6

Entrepreneurial activity or business or company

Question 7

Entrepreneur

Answer 7

Someone who creates a business, taking on financial risks with the aim of making a profit from the business

Question 8

Consumer

Answer 8

Someone who buys and uses goods and services

Question 9

Why new business ideas come about

Answer 9

Advances in technology
Changes in what consumers want
Products and services becoming obsolete

Question 10

Obsolete

Answer 10

Out of date or not used anymore

Question 11

Ways in changes in technology can provide business opportunities

Answer 11

Making expensive technology affordable
E-commerce and m-commerce
Social media

Question 12

E-commerce

Answer 12

Using the internet to carry out business

Question 13

M-commerce

Answer 13

Using mobile technologies , such as smartphones or tablets, to carry out business transactions

Question 14

Social media

Answer 14

Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content

Question 15

Payment platforms

Answer 15

Enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from th seller

Question 16

Marketplace

Answer 16

The activities involved in buying as selling particular types of good or services in competition with other companies

Question 17

Data

Answer 17

Information, particularly statistics, that can be collected and analysed

Question 18

Demographic

Answer 18

Relating to the the population, such as average age, average income and so on

Question 19

Ways in which entrepreneurs usually come up with new business ideas

Answer 19

Adapt a existing product or service to keep up with changes in consumer trend
Create a completely original product or service to satisfy a new or previously unknown customer trend

Question 20

Types of adaptation of existing products and services

Answer 20

Adapting the promotion strategy of a particular product or service
Changing a product’s brand name
Responding to new fashions, for example offering different colours

Question 21

Risk

Answer 21

The possibility that a enterprise will have lower than anticipated profits or experience a loss

Question 22

Financial reward

Answer 22

The money that an entrepreneur or investor receives when a business succeeds

Question 23

Market research

Answer 23

The process of gathering information about the market an customers’ needs and acts in order to help inform business decisions, including product design and marketing

Question 24

Revenue forecasts

Answer 24

A prediction of future revenue based on expected sales : this is either a judgement or based on previous sales patterns

Question 25

How can risk be minimised?

Answer 25

By being informed by evidence such as market research and revenue forecasts

Question 26

Main risks that a entrepreneur takes when they start up a business

Answer 26

Business failure Financial loss Lack of security

Question 27

Reasons for business failure

Answer 27

Problem with cash flow Unexpected costs Unexpected drop in sales revenue

Question 28

Cash flow

Answer 28

The amount of money that coming in and out of a business and the timing of this movement

Question 29

Sales revenue

Answer 29

The amount of money that comes in from a business‘s sales

Question 30

Reasons for an unexpected drop in sales revenue

Answer 30

Recession Behaviour of suppliers Competiton

Question 31

Investment

Answer 31

Putting money into a business with the intention of making a profit

Question 32

Start-up

Answer 32

A new business, usually with a small number of employees - perhaps only one

Question 33

Different types of risk

Answer 33

Competitive risks - risk competitors might do better Technical risks - risk that a product or service might not work as intended Financial risks - business does not have right amount of investment

Question 34

Intuition

Answer 34

Knowing something instinctively or understanding something easily without conscious thought

Question 35

Business enterprise

Answer 35

The entrepreneurial activity undertaken by entrepreneurs or businesses, either by setting up or expanding a business

Question 36

Stakeholders

Answer 36

Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community ad the government

Question 37

Ethics

Answer 37

Moral principles or standards that guide behaviour of a person or business

Question 38

The purpose of business activity

Answer 38

To produce goods or services To meet customer needs To add value

Question 39

Customers’ needs factors

Answer 39

Fast delivery Reasonable competitive prices Friendly and helpful customer services Prompt answers to their enquires Enough stock in a shop that they ca buy a product there and then A website that is easy to navigate and use

Question 40

Adding value

Answer 40

The increase in a product’s value as a result of a business producing that product

Question 41

How can value be added to a product?

Answer 41

Branding Convenience Quality and design Unique selling points

Question 42

Unique selling points

Answer 42

Something that makes a product stand out from its competitors

Question 43

Values

Answer 43

Standards of behaviour or moral principles

Question 44

loyalty

Answer 44

Wanting to always support something or someone

Question 45

Market share

Answer 45

The proportion of sales in a market that are taken by one business

Question 46

Potential USPS

Answer 46

Price Quality Being first to the market

Question 47

Economy

Answer 47

The system by which a country’s money and goods are produced and used

Question 48

The roles of an entrepreneur

Answer 48

Organise resources Make business decisions Take risks

Question 49

The role of business enterprise

Answer 49

Production of goods and services Meeting customer needs Adding value to the product or service The role of entrepreneurship

Question 50

Added value formula

Answer 50

Final price - cost of production

Question 51

Ways to add value

Answer 51

* branding * convenience * quality and design * USPs

Question 52

Calculated risk

Answer 52

Weighing up the risks and rewards of a new business to judge outcome and viability of business

Question 53

Business failure

Answer 53

Associated with the running of the business and the sale of its products

Question 54

Financial loss

Answer 54

Associated with the money invested in the business, and potential problems with the product

Question 55

Lack of security

Answer 55

The entrepreneur will not have another source of income, sick pay or a pension

Question 56

Rewards of setting up a business

Answer 56

* success * profit * independence

Question 57

Branding

Answer 57

A way of defining the business, its aims and its values in a way that can be communicated to customers

Question 58

Drawbacks of a business of having low levels of cash

Answer 58

May damage relationship with suppliers Results in the business may not have sufficient materials

Question 59

Why an enterpeneur may adapt an existing product to come up with a new business

Answer 59

Quicker to launch new products Quicker to launch Can reduce developments