Spotting an opportunity and having a go, putting effort into new, often risky ventures or activity.
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Entrepreneur
The person who takes the enterprise or venture and assumes full accountability for the inherent risks and the outcome.
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Good
Physical product.
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Service
Non physical product.
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Market
Where buyers and sellers meet to exchange goods and services.
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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 transforming inventions into products that can be sold to customers.
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Patents
Protection from another business copying their technology. These can last up to 20 years.
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Copyright
Occurs when you own an idea opposed to a product.
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Trademark
The symbol/sign/other feature of a product or business that can be protected by law.
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Calculated risk
The probability of a negative event occuring.
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Competitive advantage
An advantage a business has that enables it to perform better than its rivals.
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Thinking creatively.
About trying to think differently and coming up with a range of results.
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Unlimited liability
A legal obligation on the owner/s to pay off all the debts of their business, if the business fails the owner/s will have to sell their possessions to pay off the debt.
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Limited liability
When the shareholders of a business are not personally liable for the businesses debts.
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Sole trader
The only owner of a business.
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Partnership
More than one owner of a business.
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Private limited company
The owner/s are called shareholders. You have to be invited to buy a share.
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Public limited company
Anyone can buy a share, these are available on the stock market.
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Franchise
Franchise is the right given by one business to another to sell goods or services.
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Franchisee
A franchisee is the business that sells the products.
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Franchisor
The franchisor is the business that gives the franchise the right to sell its products or services for a fixed amount or royalty payment.
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Other cards in this set
Card 2
Front
The person who takes the enterprise or venture and assumes full accountability for the inherent risks and the outcome.
Back
Entrepreneur
Card 3
Front
Physical product.
Back
Card 4
Front
Non physical product.
Back
Card 5
Front
Where buyers and sellers meet to exchange goods and services.
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