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29 Cards in this Set
- Front
- Back
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Dynamic nature of business |
The idea that the world of business is forever changing due to advances in technology, fashion or the economy. |
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Why do people start businesses? |
-Ability to be your own boss -Satisfaction from a sense of achievement |
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What skills help in starting a business? |
Determination, Resilience, Enthusiasm, Hard-Working, Risky, Good Listener, Persuasive, Manage Resources |
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Why new business ideas come about |
-Changes in what consumers want -Products and services becoming obsolete |
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Obsolescence can occur because of... |
...changes in technology |
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Demand |
The number of units that customers want, and can afford, to buy |
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Entrepreneur |
Business people who see opportunities and are willing to take risks to see them happen |
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Obsolete |
A product or service with sales that have declined or come to an end as customers find something new |
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Adapting existing ideas |
Finding new products based on the original one, such as Wall's White Chocolate Magnum |
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Competitive advantage |
A feature of a business that helps it to succeed against rivals |
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Original ideas |
Ideas that have not been done before |
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Risks of owning a business |
-Business Failure -Financial Loss -Lack of Financial Security |
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Rewards of owning a business |
-Profit and Wealth -Independence |
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Business failure |
The collapse of a business, probably leading to its closure |
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Lack of financial security |
Uncertainty for the business owner about day-to-day family income and assets |
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Independence |
The need by many business owners to make their own decisions and be their own boss |
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Risk and reward |
The balance between the worst that can happen and the best that can happen |
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Goods |
Physical products that can be grown or manufactured |
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Service |
A useful way to help people live their lives |
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Customer needs |
The products or services people need to make life comfortable |
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Customer wants |
What people choose to spend their money on, once the weekly bills have been paid |
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How to add value |
Convenience, Design, Quality, Branding, USP |
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Branding |
Giving a product or service a 'personality', with a name and a logo that makes it stand out |
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Unique Selling Point (USP) |
An original feature of a product that rivals aren't offering |
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Added Value |
The difference that creates the possibility of profit |
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Business decisions |
Choices that have to be made, usually within a short time period |
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Human resources |
Employees |
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Resources |
Things or people that can be used to help build and run the business |
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Risk taking |
Making decisions where unknown factors or chances of failure loom large in the decision-makers mind |
