Business Studies_->>AQA AS Unit 1

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