Business 1.2

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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


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