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Showing Enterprise

GCSE Business Enterprise

TermDefinition
Supplier A business which sells or supplies products to another business.
Customer Any person or organisation which buys or is supplied with a product by a business.
Consumer The person who ultimately uses a product.
Markets Where buyers and sellers meet to exchange goods.
Goods Physical, tangible products like a car, a pair of scissors or a television.
Services Non physical, intangible products like a taxi journey, a haircut or a tv programme.
Entrepreneur A person who owns and runs their own business and takes risks.
Enterprise A willingness to take risks, show initiative and undertake new ventures.
Risk The chance of damage or loss occurring as a result of making a decision.
Thinking Creatively Coming up with new and unique ideas.
Competitive advantage An advantage a business has that enables it to perform better than its rivals in the market and which is both distinctive and defensible.
Deliberate creativity The intentional creation of new ideas through recognised and accepted techniques.
Lateral thinking Thinking differently to try and find new and unexpected ideas.
Blue skies thinking A technique of creative thinking where participants are encouraged to think of as many ideas as possible about an issue or a problem.
Six Thinking Hats A technique that helps organise and focus ideas.
White Hat The facts you know.
Red Hat Emotions.
Black Hat Problems and difficulties of the idea.
Yellow Hat Positive aspects of an idea.
Green Hat Solutions that can be identified.
Blue Hat The decision, how will the you proceed.
Invention The discovery of new processes and potential new products, typically after a period of research.
Innovation The process of transforming inventions into products that can be sold to customers.
Patent Right of ownership of an invention or process when it is registered with the government.
Copyright Legal ownership of material such as books, music and films which prevents these being copied by others.
Trademarks The symbol, sign or other features of a product or business that can be protected by law.
Calculated Risk The probability of a negative event occurring.
Upsides The advantages of a course of action, including what can go right.
Downsides The disadvantages of a course of action, including what can go wrong.
Mindmap A diagram that is used to record words and ideas connected to a central word or idea.
Financial Objectives Targets expressed in money terms such as making a profit, earning income or building wealth.
Non Financial Objectives Targets not linked to financial gain.
Initiative Making the first move.
Created by: dduguid
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