Showing Enterprise Flashcards
What is an Entrepreneur?
A person who owns and runs their own business and takes risks.
What is meant by the term Enterprise?
A willingness by an individual or a business to take risks, show initiative and undertake new ventures.
Name 5 ‘Goods’
- Physical
- Tangible products like a car
- A pair of scissors
- A television set
- A console
Name 5 ‘Services’
- Non-physical
- Intangible products like a taxi journey
- A haircut
- Television programme.
An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.
Competitive Advantage
What is Lateral Thinking?
Thinking differently to try and find new and unexpected ideas. -Thinking outside the box
What is the difference between invention and innovation?
Innovation is the process of transforming inventions into products that can be sold to customers whereas invention is the discovery of new processes and potential new products, typically after a period of research.
Patent
Right of ownership of an invention or process when it is registered with the government.
Copyright?
Legal ownership of material such as books, music and films which prevents these being copied by others.
What is calculated risk?
The probability of a negative event occurring.
The symbol, sign, or other features of a product or business that can be protected by law.
Trademarks
What is blue skies thinking?
A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.
