Business 1.2
- Created by: TylaMorgan
- Created on: 10-05-16 17:13
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- Unit 1.2
- Entrepreneur
- A person who owns and runs their own business and takes risks
- Enterprises
- Another word for business
- Enterprise
- A willingness by an individual or a business to take risks, show initiate and undertake new ventures
- Risk
- The chance of damage or loss occurring as a result of making a decision
- Goods
- Physical, tangible products like a car
- Services
- Non-physical, intangible products e.g. taxi jopurney
- Thinking creatively
- Coming up with new and unique ideas
- Competitive advantage
- Adv business has enabling it to perform better than its rivals
- Deliberate creativity
- The intentional creation of new ideas through recognised and accepted techniques
- Lateral Thinking
- Thinking differently to try new and unexpected ideas
- Blue skies thinking
- Technique of creative thinking, participants encouraged to think of as many ideas as possible about issue or problem
- Invention
- Discovery of new processes and potential new products, usually after research
- Innovation
- Process of transforming inventions into products that can be sold to customers
- Patent
- Right of ownership of and invention or process when it is registered with goverment
- Copyright
- Legal ownership of material such as books which stops them being copied from others
- Trademarks
- Symbol, sign or other features of a product or business that can be protected by law
- Calculated risk
- Probability of a negative event occurring
- Downsides
- Disadvantage of a course of action
- Upsides
- Advantages of a course of action
- Driven
- Being very motivated
- Entrepreneur
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