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Business > Enterprise and Entrepreneurship > Flashcards

Enterprise and Entrepreneurship Flashcards

1
Q

What is an Entrepenuer?

A

A person who takes a risk starting a new business in return for financial gain.

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2
Q

What is Enterprise?

A

The creation of a Business to meet the wants and needs of customers.

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3
Q

How can a business find new Opportunities?

A

Changes in Technology

Changes in Customer Want

Products and services becoming Obsolete (outdated)

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4
Q

What is Dynamic Market?

A

A market that is in a rapidly changing business environment

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5
Q

What is a Customer?

A

Someone who buys a product.

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6
Q

What is a Consumer?

A

Someone who uses a product.

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7
Q

Changes in Technology-

What are the positive impacts of E-Commerce?

A

Costs Less

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8
Q

What is E-Commerce?

A

Any transaction made over the internet

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9
Q

What is Data Communication?

A

Using technology to transfer data from one place to another.

e.g. a text conversation on a phone

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10
Q

What is a Stakeholder?

A

Someone who has interest in a business.

E.g. School stakeholders: teachers, headteacher, students, parents of students, government, etc.

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11
Q

What is a Shareholder?

A

An owner of shares in a business.

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12
Q

Changes in Technology -

What are the positive impacts of Social Media?

A

Cheap and simple

Allows businesses and customers to interact in more ways

Advertisement

Promotion

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13
Q

What is a Demographic?

A

The different characteristics that make up a population, or business’ customers.

These include: age, gender, nationality, religion, income levels, ethnicity.

These can all influence a business’ Target Market

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14
Q

What are Customer wants and needs?

A

Needs - something that all people need, there is no target demographic. E.g. Food, Water, Shelter, etc

Wants - the desires of a product that customers want.
E.g. Phones, Designer Clothes, Shoes, etc.

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15
Q

What is Market Research?

A

Research gathered about customers, competitors and market trends.

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16
Q

What is the purpose of Market Reseach?

A

A business can develop an understanding on Customer Wants, and spot gaps in the market where these Wants are not being fulfilled.

A business can also see how their competitors are performing, and what they are doing different to you that is making them more/less successful.

Reduce Risk

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17
Q

What is Primary Research?

A

Research that you gather

e.g. Handing out surveys, interviews, focus groups, observation

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18
Q

What is Secondary Research?

A

Research that you get off of someone else’s Primary Research.

e.g. Books, websites, marketing reports, statistics

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19
Q

What is Qualitative Data?

A

Data that is relative to opinions, attitudes and judgements.

e.g. “I liked…” “I disliked…” “I though … was boring”

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20
Q

What is Quantitative Data?

A

Data that gives numbers, statistics and figures.

e.g. “75% of people enjoyed…” “1000 people bought….” “We sold 430 … in 1 week”

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21
Q

What is a Gap in the Market?

A

When there is no product currently serving the wants/needs of customers.

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22
Q

What is a Calculated Risk?

A

A risk that has been given thoughtful consideration, where all potential costs and benefits have been weighed out.

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23
Q

What is a Brand?

A

A named product that customers can easily identify.

e.g. Nike, Adidas, Puma

24
Q

What is a Unique Selling Point? (USP)

A

a characteristic of a product that makes it different from the other similar products on the market.

25
Q

What is a Market Map?

A

A diagram that shows the range of possible positions for 2 features of a product. This can be used to identify gaps in the market and target market, and understand their competitors target market.

                     High Quality
                               |
                               |
Low Price -----------|---------High Price
                               |
                               |
                      Low Quality
26
Q

What is Market Segmentation?

A

Dividing the market into smaller categories, based on Age, Sex, Gender, Income, Ethnicity, etc

27
Q

What is Added Value?

A

The process of making the product more valuable to the customer. In each stage of production, more value is added

For example, Subways could buy its ingredients for 40p, but sell their Sandwiches for £4, because they have gone through the effort of making the sandwich, which adds value to it.

28
Q

How does a business Add Value to a product?

A

Quality - we can all cut our hair, but hairdressers will cut it better than us.

Design

Convenience - We can all make Sandwiches at home, but Subway is alot quicker and more enjoyable to eat.

Speed and Quality of service - ordering on Amazon is quick and easy

Branding - seeing a product made by a good brand makes us feel better/more confident about its quality.

Unique Selling Point (USP)

29
Q

Why do most start-ups fail?

A

Insufficient Customer Demand - poor market research, unrealistic plan

Good idea but poor execution - poor management, failure to manage cashflow, growth is too slow/quick

External Shock - economic, legal, social and technological changes

30
Q

What are some Non-Financial Rewards?

A 
Being your own boss - independency
Getting good feedback
Making a first sale
Building something
Sense of Satisfaction
Getting an industry reward
31
Q

What is a Trade Customer?

A

other businesses that will buy your product to use in their own work.

This is called a Business-to-Business transaction**

E.g. a hairdresser will buy shampoo off of a different business.

32
Q

What is a Private Customer?

A

ordinary members of the public who buy a product/service.

This is called a Business-to-Consumer transaction**

E.g. I go to McDonalds and buy a milkshake.

33
Q

What is the Marketing Mix? (The 4 Ps)

A

Price Place Product Promotion

34
Q

What are the 4 main needs of a Customer?

A

Price Quality Convenience Choice

35
Q

Name 2 Advantages of Primary Research.

A

Reliable
Up to Date
In Depth
Easy to Analyse

36
Q

Name 2 Disadvantages of Primary Research.

A

Time Consuming
Biased
Can be Expensive

37
Q

Name 2 Advantages of Secondary Reseach.

A

Easy to Obtain

Easy to Analyse - someone else has used this data

38
Q

Name 2 Disadvantages of Secondary Research.

A

Unreliable - might be outdated

Irrelevant - the information might be completely useless to your business, because of your location, target market, competitors, etc

39
Q

What is a Business Aim?

A

What the business wants to Achieve.

Aims can be either financial, or non-financial.

40
Q

What is a Business Objective?

A

Steps the business will take to achieve their overall Aim. Each objective will focus on a particular area of the business.

Objectives can be either financial, or non-financial

41
Q

Give an example of a Financial Aim or Objective

A

Survival
Profit Maximisation
Sales Maximisation

42
Q

Give an example of a Non-Financial Aim or Objective

A

Personal satisfaction
Challenge
Independence
Helping others

43
Q

What is Unemployment?

A

The number of people who do not have a job, but are seeking one

44
Q

How is Unemployment measured?

A

The Claimant Count

The number of people getting Unemployment Benefits off the government

45
Q

What is Globalisation?

A

When a business operates on an International scale.

46
Q

Give 2 examples of Internal Growth?

A

New products

Product innovation (new ideas)

New technology

New market (sell overseas, changing marketing mix)

Research and development( market knowledge)

47
Q

Give 2 examples of External Growth?

A

Merging - 2 businesses join together

Takeover - 1 business buys another

48
Q

What is Internal Growth?

A

The natural growth of the business (organic)

Low risk, builds own strengths and is funded internally

49
Q

What is External Growth?

A

Business growth through joining forces with another business (unnatural)

Very fast, share knowledge and access to both customers. However, high risk of failure**

50
Q

What is a Business Plan?

A

A document made by the Business owner to provide details about each element of their business.

These are usually made up of:
Business’ aims and objectives, Target market, Cashflow forecast, Market research, Sources of finance, etc

51
Q

What is the purpose of making a Business Plan?

A

Minimise risk

Obtain finance

52
Q

What is Opportunity Cost?

A

The arising cost from making a decision.

If a business cannot pay the cost, they lose the opportunity.

53
Q

Why does the government encourage people to start their own Businesses?

A

More products to export overseas.

Create Jobs for more people.

Grow the economy.

54
Q

What is Income Tax?

A

Tax on the Business’ owner’s earnings.

55
Q

What is Corporation Tax?

A

Tax on the Business’ profits.

Business (3 decks)

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