Starting your own business-Glossary of terms 0.0 / 5 ? Business StudiesStarting your own businessASAQA Created by: Hanna_EllenCreated on: 07-10-13 09:25 An Entrepreneur is... A person who has a business idea, develops the idea and organises the resources to see the idea through. 1 of 7 Entrepreneurship is... The creation and development of new business ideas. 2 of 7 An Enterprise is... A project or undertaking that involves risk/difficulty and requires effort/courage. 3 of 7 Financial reward is... Profit=sales revenue, adding value 4 of 7 Added value is... The difference between the costs of raw materials brought to make the product and the price the customer pays for the finished result. 5 of 7 Risk/reward ratio is... Comparing the expected returns of an investment to the amount of risk undertaken to capture these returns. 6 of 7 Non-Financial reward is... A sense of achievement, having freedom and flexibility. 7 of 7
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