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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Enterprise |
A business or business activities |
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Entrepreneur |
Someone who takes a risk to start a business |
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Adding Value |
The difference between the cost of a product and its selling price |
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Role / Purpose of a business |
To produce goods / services To meet customer needs To add value |
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How can a business add value? |
Convenience Branding Quality Design USP |
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What is the role of an entrepreneur? |
Organise Resources Make business decisions Take risks |
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Why do new business ideas come about? |
Changes in technology Changes in what customers want Products and services becoming obsolete |
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The 2 types of business ideas |
Original ideas Adapting existing products / services / ideas |
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Risk |
Risk is the probability that some something will go wrong and cause the business to fail or make a loss |
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Reward |
The benefits gained through business activity |
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Good |
A physical tangible product |
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Good |
A physical tangible product |
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Service |
An experience or act that is not tangible |
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Consumer |
Someone who uses the product |
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Customer |
Someone who purchases the product |
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Obsolete |
When a product becomes outdated or is no longer in use |
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Payment Platforms |
Enable businesses to take online payments from customers. Easy and convenient for the customer |
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Risks that startups face |
Business failure Lack of security Financial Loss |
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Variable costs |
Depend on the amount of products you sell or manufacture |
Raw materials |
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Fixed costs |
Costs that stay the same no matter the production rate Rent |
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Variable costs = ______x______ |
Variable costs = costs per unit x sales volume |
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Financial Rewards of a business start-up |
Survival Profit Wealth Income Financial security |
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Non-Financial rewards of a business start-up |
Personal satisfaction Challenge Independence Control Helping others |
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Stakeholder |
Someone who has interest in the business Internal - employees External - customers |
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