Unit 1.2 - Showing Enterprise Flashcards
What do you call a person who owns a business and takes risk (Not a businessman/woman)
Entrepreneur
What is enterprise?
A willingness by an individual or a business to take risks, show initiative and undertake new ventures.
What do you call the physical objects sold by a business?
Goods
If a business didn’t sell “objects”, what would they sell?
Services
What is a competitive advantage?
An advantage a business has that enable it to perform better than its rivals in the market.
What would you call thinking differently to try and find new and unexpected ideas?
Lateral thinking
A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem.
Blue skies thinking
The discovery of new processes and potential new products, typically after a period of research. Making a new product
An Invention
Innovation
When you improve or develop an invention
Right of ownership of an invention or process when it is registered with the government.
Patent
Why might a business get copyright? (and what is it)? (©)
Legal ownership of something which prevents these being copied by others. A business would get it to prevent competitors from copying them.
Trademarks (™)
The symbol, sign, or other features of a product or business that can be protected by law.
Calculated risk
Using statistics and probability to analyse if it is worth taking a risk
