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Showing Enterprise
GCSE Business Enterprise
| Term | Definition |
|---|---|
| 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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