Showing Enterprise - Key Terms 0.0 / 5 ? Business StudiesShowing EnterpriseGCSEEdexcel Created by: mieke.rCreated on: 27-03-17 10:42 Enterprise A willingness by an individual or a business to take risks. 1 of 19 Risk The chance of damage or loss occurring as a result of making a decision 2 of 19 Goods Physical, tangible products like a car, a pair of scissors or a television set. 3 of 19 Services Non physical, intangible products like a taxi journey, a haircut or a television programme 4 of 19 Creative Thinking Coming up with new and unique ideas. 5 of 19 Competitive Advantage An advantage, a business has that enables it to perform better than its rivals in the market and which is both distinctive and defend-able 6 of 19 Deliberate Creativity The intentional creation of new ideas through recognised and accepted techniques. 7 of 19 Lateral Thinking Thinking differently to try and find new and unexpected ideas. 8 of 19 Blue Skies thinking A technique of creative thinking, where participants are encouraged to think of as many ideas as possible about an issue or a problem. 9 of 19 Invention the action of making something new, typically a product or device. 10 of 19 Innovation a new method, product or idea. 11 of 19 Patent the right of ownership of an invention when it is registered with the government. 12 of 19 Copyright the legal ownership of materials which prevents them being copied by others. 13 of 19 Trademarks the symbol or sign of a product or business that can be protected by law. 14 of 19 Calculated Risk The probability of a negative event occurring 15 of 19 Downsides The disadvantages of a course of action, including what can go wrong 16 of 19 Upsides The advantages of a course of action, including what can go right 17 of 19 Drive and Determination A vision, a person has to drive them to their goals. 18 of 19 Mind Map Is a diagram that is used to record words and ideas connected to a central word or idea. 19 of 19
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