Business 1.2

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Define Enterprise
The initial spark and idea for a business, and the willingness by an individual to show initiative, take a risk, and start a new venture
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Define Enterprises
Another word used for businesses
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Whats an Entrepreneur
a person who owns and runs their own business, and takes risks
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What are some entrepreneur skills
risk-taking; showing initiative; willingness to undertake new ventures
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Why is enterprise important for the economy
It creates jobs and wealth in the economy
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What do entrepreneurs do when they start their own business
take risks
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Why are risks important
Because there is a chance that the business will not survive, and therefore entrepreneurs risk their own time,livelihood, and money
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what does the success of many businesses depend on
The ability of the owners to come up with new, unique, and creative ideas, in order to compete with competitors, and differentiate their products with competitors
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What does thinking creatively involve
Ways to: make products better, find cheaper production techniques, improve customer service, identify new opportunities and possible new markets, and come up with unique products and ideas
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What does question thinking creatively consider
The 'what if?' question
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Define deliberate thinking
The intentional creation of new ideas through recognised and accepted techniques
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Give examples of deliberate thinking
Creating lists, mid mapping, brain storming, change size, combine things together, etc.
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Define blue skies thinking
Coming up with as many ideas as possible to solve a problem
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Define lateral thinking
involves thinking differently to try and find new and unexpected ideas
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Give example of lateral thinking
De Bono's six thinking hats
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what are De Bono's six thinking hats
Different ways to think about an issue, idea, or problem
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What is De Bono's white hat for
Facts about an idea
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What is De Bono's blue hat for
Thinking about what they are thinking
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What is De Bono's green hat for
How to get around a problem creatively
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What is De Bono's red hat for
Emotions are gut feelings about an idea
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What is De Bono's black hat for
Difficulties of the idea
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What is De Bono's yellow hat for
Positive aspects of the idea
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Why do businesses ask questions
They help identify specifics about the business; and help format parts of the business plan e.g. whats my location? what's my target market? etc.
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Why do entrepreneurs ask questions
They allow the entrepreneur to asses the value and likelihood of any possible outcome
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What can entrepreneurs identify from the questions
solutions
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Define invention
turning research and development into potential products and processes
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define innovation
turning potential products and processes into ready products to sell to customers
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why are innovation and invention risky
they can be expensive and time consuming; and many new products fail to make it to market
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What do businesses gain from innovation and invention
Competitive advantage
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What do some businesses choose to do
copy or follow other businesses instead of creating first
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what are the 3 ways in protecting a businesses ideas
Patents, copyright, and trademark
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what can i use to protect my book or film
copyright
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how much do you have to pay for copyright
nothing; its the legal ownership
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What does a business use to protect its logo
trademark
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What does a trademark stop other businesses doing
copying its logo, symbol, sign, or features of product
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what does a patent have to be
registered with the government
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what does a patent protect
The right of ownership of an invention, design, or process
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i have come up with an invention, what do i use to protect it
A Patent
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Define a calculated risk
Putting a numerical value or probability on a risk, and the likelihood that it will come true
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What processes can a business do to calculate risk
Do market research,
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What can calculating a calculated risk, help a business do,
Help a business make decisions
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What does a calculated risk reduce
It reduces the likelihood of a negative outcome
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Give examples of how a calculated risk is expressed
50:50 chance of survival, 1in 3 chance of business failing, 10% of customers will return products
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Define blue skies thinking
thinking creatively being not limited by current ideas or beliefs
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why are minima's often used in blue skies thinking
help entrepreneurs plan and think ahead, an identify new oppurtunites
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Other cards in this set

Card 2

Front

Define Enterprises

Back

Another word used for businesses

Card 3

Front

Whats an Entrepreneur

Back

Preview of the front of card 3

Card 4

Front

What are some entrepreneur skills

Back

Preview of the front of card 4

Card 5

Front

Why is enterprise important for the economy

Back

Preview of the front of card 5
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