First 205 words of the document:
What is an entrepreneur?
Entrepreneur - An individual who is capable of turning an idea into a real business, they take the risk
and the subsequent profits that come with success or the losses that come with failure.
Characteristics may include; vision, creativity, innovation, willingness to take risks & passion.
ADDED VALUE - The difference in value between the price of the finished / manufactured product
and the cost of the materials used to make it
Businesses add value by getting their customers to pay higher prices while still keeping their costs
under control. The best ways to do this are;
Convenience and Speed e.g. take away / pre packed sandwiches
Good Design e.g. Ipods
High Quality Manufacture and Service e.g. Louis Vitton
Having a strong brand e.g. Abercrombie
A USP (Unique Selling Point) e.g. BBM on Blackberry phones
Advertising - Creates interest in a product/service, may convince a customer to pay a higher
price, and so increase added value
Location e.g. if the location is perceived as desirable
Differentiates business from competitors
Higher profit margins