Edexcel Business 1.1

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Entrepreneur
A person who starts a business
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Enterprise
Any business activity
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How might new business idea might develop?
Changes in technology, original ideas, new technology, adapting existing products, products becoming obsolete, changes in customer needs,
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E-commerce
Doing business over the internet
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M-commerce
Doing business using an app
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Payment platform
A method of allowing customers to pay online e.g. PayPal
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Online marketplace
Describes the online business environment where may sellers can trade their products
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What are the main business risks for an entrepreneur
Financial loss, loss of security, business failure
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Start-up captial
Money needed to start the business
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The rewards of being in business
Profit, business success, independence
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Stakeholders
People or groups with an interest in what the business is doing
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What is added value?
The process of adding something to the inputs to give the product or service greater value.
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What are the main customer needs?
Price, choice, quality and convenience
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USP
Unique selling point
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Brand loyalty
Where customers return to the same product or firm because they like it
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Why does the Government encourage competition between firms?
Because it means customers have more choice and that there are a range of prices of different products on the market.
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Other cards in this set

Card 2

Front

Any business activity

Back

Enterprise

Card 3

Front

Changes in technology, original ideas, new technology, adapting existing products, products becoming obsolete, changes in customer needs,

Back

Preview of the back of card 3

Card 4

Front

Doing business over the internet

Back

Preview of the back of card 4

Card 5

Front

Doing business using an app

Back

Preview of the back of card 5
View more cards

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