Key words - spotting a business opportunity

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Gap in the market (understanding customer needs and the market)
where there is a demand, nut no product to fill it.
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Goods (understanding customer needs and the market)
those things that can be 'touched'
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services (understanding customer needs and the market)
those things done to or for a customer
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demand (understanding customer needs and the market)
the amount of products and services customers are willing to pay for.
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unique selling point (understanding added value)
the factor that only your business or product has, which makes it stand out.
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competitor profile (understanding added value)
research to show where competitors are found and how they are competing.
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adding value (understanding added value)
making a product worth more to a customer
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franchise (franchising)
permission to use a successful business format
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franchisee (franchising)
the buyer of the franchise
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franchiser (franchising)
the seller of the franchise
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royalty (franchising)
a percent of the franchee's income taken as payment by the franchiser.
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start up costs (locating a start-up)
the initial costs paid once when a business is first set up.
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entrepreneur (locating a start-up) + (entreprise and entrepreneurs)
the person who takes the risk by starting a business.
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retail outlet (locating a start-up)
anywhere that something is sold to a consumer (e.g. shop or vending machine)
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infrastructure (locating a start-up)
roads, railways, airports, power, communication
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profit (entreprise and entrepreneurs)
the surplus of revenue over costs and the reward for the entrepreneur
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social enterprise (entreprise and entrepreneurs)
businesses set up to provide a service to a community
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debliberate creativity (creative thinking and entrepreneurial skills)
making a conscious effort to come up with a creative solution
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lateral thinking (creative thinking and entrepreneurial skills)
approaching a problem from a differnt, often, unusual direction
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proactive (creative thinking and entrepreneurial skills)
having solutions ready for promblems that may be expected to arise.
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reactive (creative thinking and entrepreneurial skills)
only planning solutions to problems when the problems happen
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innovation (invention, innovation and protection)
bringing a new product or idea to the market
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invention (invention, innovation and protection)
a completely new product, process or method
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patent (invention, innovation and protection)
protection granted in law to a new product or process or method to protect it from being copied
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intellectual property (invention, innovation and protection)
anybody's orginal work or ideas.
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market research (calculating and managing risk)
details found out about the business's chosen market
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marketing strategy (calculating and managing risk)
the ways the business intends to promote and sell its products
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business plan (calculating and managing risk)
a detailed description and forecast for a business, used to reduce risk
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Other cards in this set

Card 2

Front

those things that can be 'touched'

Back

Goods (understanding customer needs and the market)

Card 3

Front

those things done to or for a customer

Back

Preview of the back of card 3

Card 4

Front

the amount of products and services customers are willing to pay for.

Back

Preview of the back of card 4

Card 5

Front

the factor that only your business or product has, which makes it stand out.

Back

Preview of the back of card 5
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