Showing Business Enterprise? Flashcards
What is an entrepreneur?
A person who owns and runs their own business and takes risks.
What is enterprise?
A willingness by an individual or a business to take risks, show initiative and undertake new ventures.
Whats the difference between goods and services?
A good is Physical, tangible products like a car, a pair of scissors or a television set. A service is Non-physical, intangible products like a taxi journey, a haircut or a television program.
What is a competitive advantage?
An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.
Whats the difference between lateral and blue skies thinking?
Lateral thinking is thinking differently to try and find new and unexpected ideas. Blue skies thinking is A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.
What the difference between invention and innovation?
Invention is the discovery of new processes and potential new products, typically after a period of research. Innovation is The process of transforming inventions into products that can be sold to customers.
What is Patent?
Right of ownership of an invention or process when it is registered with the government.
What is Copyright?
Legal ownership of material such as books, music and films which prevents these being copied by others.
What is a trademark?
The symbol, sign, or other features of a product or business that can be protected by law.
What is a calculated risk?
The probability of a negative event occurring.
