Economics Exam 4.0 / 5 based on 1 rating ? Business Studies & EconomicsWhat is enterprise?GCSEEdexcel Created by: EmilylynneCreated on: 23-11-14 17:33 What is enterprise? Enterprise is the business that the entreprenuer creates 1 of 30 What three trates are needed to be an entrepreneur Risk taking, Showing initiative and willingness for new ventures 2 of 30 What is risk taking? Enterprise involves an element of risk. If theyhave been planned for, they are usually easier to manage and address 3 of 30 What is showing inititative? It is about making the first move, developing creative solutions to problems and thinking outside the box 4 of 30 What is willingness for new ventures To be on the lookout for new opportunities. Should have courage to quit ventures that are less successful and pursue more successful ones 5 of 30 Three sources of business ideas? Business experience, Personal experience or observations 6 of 30 Why is creative thinking important? Gain competitive advantage, challenge entrepreneurs and keeps a business fresh 7 of 30 Three examples of deliberate creativity? Mindmaps, lateral thinking and blue skies thinking 8 of 30 What does the red hat signify? (Feelings) is about gut instinct, no reasons are given, hunches 9 of 30 What does the yellow hat signify? (Optimism) Positives, plus points, why the idea is useful 10 of 30 What does the black hat signify? (Cautions) Negitivity, why something wont work 11 of 30 What does the green hat signify? (creativity) thinks of new ideas, solutions, alternatives 12 of 30 What does the white hat signify? (Facts) calls for information, stats, etc 13 of 30 What does the blue hat signify? (Thinking about thinking) manages the thinking process. 14 of 30 Definition of invention? The discovery of new processes and potential new products, typically after a period of research 15 of 30 Definition of inonovation? Improving an existing product, process or invention 16 of 30 What is product innovation? Launching new/improved products or services onto the market 17 of 30 What is process innovation? Finding better?more efficent ways of producing existing products/services 18 of 30 What is invention innovation? Traansforming inventions into marketable products that can be sold 19 of 30 Three advantages of innovation? Attracts new/repeat customers, competitive advantage and strong reputation/brand image 20 of 30 Three disadvantes of innovation? Can be expensive, takes time, failure to live up to media hype 21 of 30 What do patents protect? Inventions/innovations from being stolen, only apply to technology products/processes 22 of 30 What do copyrights protect? Applies to music, film, book, etc (art) 23 of 30 What do trademarks protect? Business names, logos, colours, etc 24 of 30 Why are business start ups risky? There is a high rate of business failure in start ups (80% fail in 1st year), competitive response is aggressive, easy to be over- optimistic 25 of 30 Three main reasons why start-ups fail? insufficent customer demand, good idea but poor execution, external shocks 26 of 30 What is a calculated risk? A risk that has been given thoughtful consideration and for which the potential costs and benefits have been considered 27 of 30 Examples of financial rewards? Profits,dividends and capital growth 28 of 30 Examples of non-financial rewards? being in control, satisfaction and getting good feedback 29 of 30 What is viability? the outcome of risk analysis. It helps the decision of whether to go ahead or not 30 of 30
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