Topic 1.1 - Enterprise and Entrepreneurship Flashcards
1
Q
competitive advantage
A
an advantage over competition, this can be achieved using USP that makes it stand out against competition to attract customers
2
Q
differentiation
A
adapting an existing product to stand out from competitors
3
Q
3 reasons why new business come out
A
-changes in technology
-changes in what consumers
-products and services becoming obsolete
4
Q
2 ways new business ideas come out
A
- original ideas
- adapting existing products/services
5
Q
risks in a business
A
- business failure
- financial loss
- lack of financial security
6
Q
rewards
A
- business success
- profit
- independance
7
Q
3 purposes of business activity
A
- to produce goods and services
- to meet customer needs
- to add value
8
Q
role of an entrepreneur
A
- organises resources
- makes business decisions
- takes risks
9
Q
passion of an entrepreneur
A
passion, commitment, determination
10
Q
factors of production
A
resources required to start a business : capital, enterprise, labour, land
11
Q
5 ways if adding value
A
convenience
branding
quality
design
USP
