Paper 1 - Enterprise And Entrepreneurship Flashcards
DYNAMIC NATURE OF BUSINESS
The idea that business is ever changing because external factors, such as technology, are always constantly changing.
VENTURE CAPITAL
Risk capital provided by an investor willing to take a risk in return for a share of later profits. The venture capital provider will take a share stake in the future business.
DEMAND
The number of units that customers want - and can afford - to buy
ENTREPRENEURS
Business people who see opportunities and willing to take risks in order to make them happen.
ADAPTING EXISTING PRODUCTS
Finding new products based on the original one.
COMPETITIVE ADVANTAGE
A feature of a business that helps it to succeed against rival.
ORIGINAL IDEAS
Ideas that haven’t been done before.
BUSINESS FAILURE
The collapse of a business probably leading to its closure.
INDEPENDENCE
The need for any business owners to make their own decisions and to be their own boss.
LACK OF FINANCIAL SECURITY
Uncertainty for the business owner about day to day family income and assets.
RISK AND REWARD
The balance between the worst that can happen and the best that can happen.
GOODS
Products that may be fresh, such as apples, or manufactured, such as iPhones.
SERVICES
Providing useful ways to help people live their lives such as hospitals, doctors, schools.
CUSTOMER NEEDS
The products or services people need to make life comfortable
CUSTOMER WANTS
What people choose to spend their money on.
