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Edexcel GCSE Business > Enterprise And Entreneurship > Flashcards

Enterprise And Entreneurship Flashcards

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1
Q

Full capacity

A

Total amount you can produce

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2
Q

Demand

A

Amount consumers are wiling and able to buy

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3
Q

Patent

A

Legal ownership of your invention

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4
Q

Revenue

A

Money coming in

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5
Q

3 types of infringements

A

Patent
Trademark
Copyright

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6
Q

Enterprise

A

Entrepreneurial activity or business or company

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7
Q

Entrepreneur

A

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

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8
Q

Consumer

A

Someone who buys and uses goods and services

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9
Q

Why new business ideas come about

A

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

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10
Q

Obsolete

A

Out of date or not used anymore

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11
Q

Ways in changes in technology can provide business opportunities

A

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

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12
Q

E-commerce

A

Using the internet to carry out business

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13
Q

M-commerce

A

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

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14
Q

Social media

A

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

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15
Q

Payment platforms

A

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

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16
Q

Marketplace

A

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

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17
Q

Data

A

Information, particularly statistics, that can be collected and analysed

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18
Q

Demographic

A

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

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19
Q

Ways in which entrepreneurs usually come up with new business ideas

A

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

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20
Q

Types of adaptation of existing products and services

A

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

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21
Q

Risk

A

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

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22
Q

Financial reward

A

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

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23
Q

Market research

A

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

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24
Q

Revenue forecasts

A

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

25
Q

How can risk be minimised?

A

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

26
Q

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

A

Business failure
Financial loss
Lack of security

27
Q

Reasons for business failure

A

Problem with cash flow
Unexpected costs
Unexpected drop in sales revenue

28
Q

Cash flow

A

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

29
Q

Sales revenue

A

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

30
Q

Reasons for an unexpected drop in sales revenue

A

Recession
Behaviour of suppliers
Competiton

31
Q

Investment

A

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

32
Q

Start-up

A

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

33
Q

Different types of risk

A

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

34
Q

Intuition

A

Knowing something instinctively or understanding something easily without conscious thought

35
Q

Business enterprise

A

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

36
Q

Stakeholders

A

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

37
Q

Ethics

A

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

38
Q

The purpose of business activity

A

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

39
Q

Customers’ needs factors

A

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

40
Q

Adding value

A

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

41
Q

How can value be added to a product?

A

Branding
Convenience
Quality and design
Unique selling points

42
Q

Unique selling points

A

Something that makes a product stand out from its competitors

43
Q

Values

A

Standards of behaviour or moral principles

44
Q

loyalty

A

Wanting to always support something or someone

45
Q

Market share

A

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

46
Q

Potential USPS

A

Price
Quality
Being first to the market

47
Q

Economy

A

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

48
Q

The roles of an entrepreneur

A

Organise resources
Make business decisions
Take risks

49
Q

The role of business enterprise

A

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

50
Q

Added value formula

A

Final price - cost of production

51
Q

Ways to add value

A
  • branding
  • convenience
  • quality and design
  • USPs
52
Q

Calculated risk

A

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

53
Q

Business failure

A

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

54
Q

Financial loss

A

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

55
Q

Lack of security

A

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

56
Q

Rewards of setting up a business

A
  • success
  • profit
  • independence
57
Q

Branding

A

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

58
Q

Drawbacks of a business of having low levels of cash

A

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

59
Q

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

A

Quicker to launch new products
Quicker to launch
Can reduce developments

Edexcel GCSE Business (9 decks)

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