Topic 2 Showing Enterprise Flashcards
Define enterprises
It is a business
What is an entrepreneur?
A person who owns and runs their own business and shows the initiative, takes risks and has a willingness to undertake new adventures.
What is an enterprise?
A willingness by an individual or a business to take risks, show initiative and undertake new adventures.
Define risk
A decision that can result in the chance of damage or loss
What is a good?
A tangible product. e.g. a pair of scissors.
What is a service?
An intangible product
What is creative thinking?
Coming up with unique and new ideas
What is a competitive advantage?
An advantage that enables a business to do better than rivals in the market and it is distinctive and defensible.
What is deliberate creativity?
It is the intentional creation of new ideas. This is through recognised and acceptable techniques.
Define lateral thinking
Thinking differently to try and find new and unexpected ideas.
What is blue skies thinking?
It is a technique of creative thinking with as many ideas as possible about and issue or problem.
What does the white hat represent?
Thinking about facts.
Red hat
Emotion and gut feelings
Black hat
Problems and difficulties in an area
Yellow hat
Positive aspects of an idea
Green hat
Creative thinking.
Blue hat
Anyone thinking and managing the thinking process. E.g. Group leader.
Define invention
Discovery of new processes and potential new products.
Define innovation
The process of transforming inventions into products to be sold to customers.
What is a patent?
The right of ownership of an invention or process. It is registered with the government.
Define copyright.
The legal ownership of material. E.g. Books
Define trademarks
Features of a product that can be protected by law. E.g. Symbols and signs.
What is calculated risk?
The probability of a negative event occurring.
What is a downside?
The disadvantages if a course of action, including what can go wrong
