Showing enterprise Flashcards

1
Q

Entrepeneur

A

A person who owns and runs their own business and takes risks.

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2
Q

A willingness by an individual or a business to take risks, show initiative and undertake new ventures.

A

Enterprise

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3
Q

Goods

A

Physical, tangible products like a car, a pair of scissors or a television set.

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4
Q

Services

A

Non-physical, intangible products like a taxi journey, a haircut or a television programme.

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5
Q

Competitive advantage

A

An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.

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6
Q

Lateral thinking

A

Thinking differently to try and find new and unexpected ideas.

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7
Q

Blue skies thinking

A

A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.

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8
Q

Invention

A

The discovery of new processes and potential new products, typically after a period of research.

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9
Q

Innovation

A

The process of transforming inventions into products that can be sold to customers.

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10
Q

Patent

A

Right of ownership of an invention or process when it is registered with the government.

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11
Q

Copyright

A

Legal ownership of material such as books, music and films which prevents these being copied by others.

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12
Q

Trademarks

A

The symbol, sign, or other features of a product or business that can be protected by law.

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13
Q

Calculated risk

A

The probability of a negative event occurring.

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