Enterprise>> this is the process by which new businesses are formed and new products are created and brought into the market, these businesses are led by an entrepreneur.
Entrepreneur>> An individual who has an idea in which they develop into a business. They take risks that can lead to profit OR loss.
Opportunity Cost>>These are alternative options available to the entrepreneur.
Calculated Risks>> Risky decisions based on a careful comparison of the risks set against the rewards expected from a decision.
Mentor>> An experienced advisor, to be there when needed.
Business Link>>The government's advice centre for all NEW SMALL FIRMS, which operate regionally, they can give entrepreneurs a mentor, who can help the entrepreneur and prevent them from making any mistakes.
Franchisor>> is the original owner of the business.
Franchisee>> is the individual or group of individuals who are willing to buy the right to sell the product or services that the franchise sells.
Franchise>> exists when a small business has the opportunity to buy the right to use the name and reputation of a large branded corporation.
· One the key possible types of business ownerships available to a business