Enterprise and Entrepreneurship

Flashcards about the Enterprise and Entrepreneurship including the sub-topics: Dynamic Nature of Business, Risk and Reward and The Role of Business Enterprise.
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  • Created by: Skarevise
  • Created on: 17-05-21 13:37
Why do new ideas come about?
1. Changes in Technology
2. Changes in what consumers want
3. Products and services become obsolete
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How do new business ideas come about?
1. Original ideas
2. Adapting existing products/services/ideas
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What are the impacts of risk on business activity?
Business Failure
Financial loss
Lack of security
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What are the impacts of reward on business activity?
Business success
Profit
Independence
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What is the role of business enterprise and the purpose of business activity?
- To produce goods or services
- To meet costumer needs
- To add value: convenience, branding, quality, design, USP
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How do new business ideas come about?
An entrepreneur: they organize resources, make business decisions, take risks
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Other cards in this set

Card 2

Front

How do new business ideas come about?

Back

1. Original ideas
2. Adapting existing products/services/ideas

Card 3

Front

What are the impacts of risk on business activity?

Back

Preview of the front of card 3

Card 4

Front

What are the impacts of reward on business activity?

Back

Preview of the front of card 4

Card 5

Front

What is the role of business enterprise and the purpose of business activity?

Back

Preview of the front of card 5
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