Slides in this set
An enterprising business is any business that innovates
in a market, that is to bring a new product or a new
feature to a market. An enterprise will almost always
operate for a profit.
An entrepreneur is most likely to set up an enterprise,
as the entrepreneur they will need to have good ideas,
and the skills to take risks in the business, that will
Many entrepreneurs fail, and they simply have to start
again, and take larger risks with hopefully larger
Risk is the chance of failure a business has, by taking
many risky decisions there is a greater chance of
reward, the greater the inputs that could be lost the
higher the risk.
Reward does not just include the benefits but also any
losses, reward can be negative.…read more
The opportunity cost is the value of a good that is not
purchased, to allow you to make a different purchase.
For example, the opportunity cost of buying a new car
for £2000, is redecorating you house to the value of
This also includes the benefit that is lost from the next
best alternative, for example the benefit of a decorated
A trademark is a sign, symbol, slogan or even sound
that distinguish a business from others, this means the
trademark cannot be copied by other businesses
wanting to use the brand image.
Copyright prevents the copying of an art based
medium, such as a painting or a musical composition.
A patent is an innovative feature of production method
that is unique to this business, a patent stops any other
rival businesses copying the idea and gives a patented
product unique selling point.…read more