the chance of a loss occurring as a result of making a decision
2 of 18
Main Enterprise Skills
Risk Taking, Showing Initiative, Willingness to Undertake New Ventures
3 of 18
Creative Thinking
coming up with new and unique ideas
4 of 18
Competitive Advantage
an advantage that a business has that enables it to perform better than its rivals in the market. It must be distinctive and defensible
5 of 18
Deliberate Creativity
the intentional creation of new ideas through recognised and accepted techniques
6 of 18
Lateral Thinking
thinking differently ('outside of the box') to try and find new and unexpected ideas
7 of 18
Blue Skies Thinking
a technique of creative thinking where participants are encouraged to think of as many ideas as possible about an issue or problem and no ideas are ruled out
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Questions Entrepreneurs Ask
Why? Why not? What if? This helps them look beyond the obvious
9 of 18
Invention
the discovery of new processes and potential new products, typically after a period of research
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Innovation
the process of transforming inventions into products that can be sold to customers i.e. taking a product to market
11 of 18
Patent
right of ownership when registered with the Government. Patents give protection to inventors as anyone copying a patented idea can be taken to court and sued
12 of 18
Copyright
legal ownership of material such as books, music and films which prevents these being copied by others. Also known as intellectual property rights
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Calculated Risk
considering the probability of a negative event occurring
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Upsides
the advantages of a course of action, including what can go right
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Downsides
the disadvantages of a course of action, including what can go wrong
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Other Important Enterprise Skills
seeing opportunities, effective planning, making connections, thinking ahead, drive and determination
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Mind-Map
a diagram that is used to record words and ideas connected to a central word or idea. It is a useful technique to use when planning, thinking ahead and seeing opportunities
18 of 18
Other cards in this set
Card 2
Front
the chance of a loss occurring as a result of making a decision
Back
Risk
Card 3
Front
Risk Taking, Showing Initiative, Willingness to Undertake New Ventures
Back
Card 4
Front
coming up with new and unique ideas
Back
Card 5
Front
an advantage that a business has that enables it to perform better than its rivals in the market. It must be distinctive and defensible
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