enterprise and entrepeneurship Flashcards
what is an entrepeneur
Someone who creates a business taking on financial risks with the aim of making a profit from the business
What is a dynamic market
rapidly changing business enviornment
how can business ideas come about
changes in technology, changes in what consumers want, products and services becoming obsolete, new and original ideas, adapting existing products, services and ideas
what is e-commerce
any business transaction that takes place using the internet
what is m-commerce
any business transaction that takes place through a mobile device such as a mobile phone or tablet.
how is social media good for businesses
allowed businesses and customers to interact in more ways, allowing businesses to create more personal relationships with their customers, effective way to spread brand awareness, reach target audience and grow sales.
what changes consumers needs
demographics
what are the different types of risks
financial loss, lack of security, business failure
what can cause poor revenue
a lack of market research to find out what customers want, running out of raw materials, poor management with not enough thought given to the consequences of decisions on how to manage the business
what limits risks
carrying out market research, business plan, monitoring cash flow
what are different types of reward
profit, business success, independence
what does an entrepeneur require to make decisions about what to produce and how
land, labour, capital, enterprise
how can a business add value
convenience, quality, branding, design, USP
