Unit 1.2 Showing Enterprise Flashcards
Entrepreneur or Enterprise
A willingness by an individual or a business to take risks, show initiative and undertake new ventures.
Enterprise
A person who owns and runs their own business and takes risks.
Entrepreneur
What do you call the physical objects sold by a business?
Goods
If a business didn’t sell “objects”, what would they sell?
Services
Competitive advantage
An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible.
Lateral Thinking
Thinking differently to try and find new and unexpected ideas.
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
The discovery of new processes and potential new products, typically after a period of research.
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 material such as books, music and films which prevents these being copied by others. A business would get it to prevent other competitors from copying them .
Trademarks(™)
The symbol, sign, or other features of a product or business that can be protected by law.
What is a Calculated risk
The probability of a negative event occurring. Using statistics and probability to analyse if it is worth taking a risk
Targets expressed in money terms such as making a profit, earning income or building wealth.
Financial Objectives
