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26 Cards in this Set
- Front
- Back
Entrepreneur
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A person who owns and runs their own business and is willing to take risks
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Enterprise
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The willingness to take risks, show initiative and undertake new ventures
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Risk
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The chance of loss of money or damage to your business from decisions.
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Thinking Creatively
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Coming up with new and unique ideas
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Competitive Advantage
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Something a business has that allows it to perform better than its rivals.
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Deliberate Creativity
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The intentional creation of new ideas which does not rely on traditional methods.
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Lateral Thinking
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Thinking differently to try and find new and unexpected ideas and ways of doing things.
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Blue Skies Thinking
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Creative thinking where you come up with as many ideas as possible and none are dismissed as unsuitable.
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Why Questions
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Asking questions that challenge the way things are done...why do ice lollies need to be on sticks?
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Why not questions
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Asking questions to come up with new ways of doing things ...why not have ice lollies in tubes?
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Invention
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The discovery of new processes and potential new products.
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Innovation
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Transforming inventions so they can be sold to customers.
Getting inventions to market. |
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Patent
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Ownership of an invention or process that is registered with the government.
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Copyright
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Legal ownership or books, music and films which prevents them from being copied (generally words)
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Trademarks
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Symbols or signs that can be protected by business law.
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Calculated Risk
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Working out the probability of a negative outcome from your decision.
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Downsides
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The disadvantages of a decision, what can go wrong.
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Upsides
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The advantages of a decision, what can go right.
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Enterprise Skills
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The skills needed by an entrepreneur to be successful.
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Seeing opportunities (Enterprise Skill)
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The ability to be able to spot gaps and fill them to hopefully make a profit.
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Effective Planning (Enterprise Skill)
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Doing your research before you make any decisions and being organised to help prevent business failure.
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Thinking ahead (Enterprise Skill)
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Thinking about what the future may hold and planning for this, changing when necessary.
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Drive and Determination (Enterprise Skill)
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Having the motivation and enthusiasm to make things happen and see them through.
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Making Connections (Enterprise Skill)
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Being able to see the links between things and taking advantage of this.
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Initiative (Enterprise Skill) |
Being pro-active and getting a job done. Not having to be told what to do eg putting offers on when sales start to drop |
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Reward |
The benefits gained from a successful idea eg profit |