A person who owns and runs their own business and takes risks
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Enterprises
Another word for business
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Enterprise
A willingness by an individual or a business to take risks, show initiative and undertake new ventures
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Risk
The change of damage or loss occurring as a result of making a decision
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Goods
Physical, tangible products like a car, pair of scissors or a television set
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Services
Non-physical, intangible products like a taxi journey, a hair cut or a television programme
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Thinking creatively
Coming up with new and unique ideas
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Competitive advantage
An advantage a business has that enables it to perform better than its rivals in the market and which is both distinctive and defensible
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Deliberate creativity
The intentional creation of new ideas through recognised and accepted techniques
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Lateral thinking
Thinking differently to try and find new and unexpected ideas
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Blue skies thinking
A technique of creative thinking where participants are encouraged to think of as many ideas as possible about an issue or a problem
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Invention
The discovery of new processes and potential new products, typically after a period of research
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Innovation
The process of changing an idea or invention into a good or service that creates value or for which customers will pay (bringing a new idea on to the market)
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Patent
Legal ownership over an invention; stop competitors from copying the ideas for a set number of years
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Copyright
Gives the creators of some types of media rights to control how they're used and distributed e.g. music, books, videos
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Trademarks
A symbol or phrase that a company can register with the government to make their company distinctive e.g. McDonalds use an M
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Calculated Risk
A chance of loss or injury that might be undertaken after its advantages and disadvantages have been compared/weighed up
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Other cards in this set
Card 2
Front
Another word for business
Back
Enterprises
Card 3
Front
A willingness by an individual or a business to take risks, show initiative and undertake new ventures
Back
Card 4
Front
The change of damage or loss occurring as a result of making a decision
Back
Card 5
Front
Physical, tangible products like a car, pair of scissors or a television set
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