Individuals who take the risk to create or start a new business or project.
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What is an Enterprise?
The skill needed to make a new idea work.
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What is Uncertainty?
Occurs when you do not know whether something will happen or not.
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What is Risk?
Occurs when the likelihood of a problem arising is estimated.
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What is a Market Niche?
A small segment within the market.
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What is Brainstorming?
A problem-solving and ideas-generating technique in which individuals are asked to come up with as many ideas as possible. Everyone is encouraged to talk, then after a given amount of time the ideas are analysed in more detail.
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What is a Franchise?
Occurs when a franchiser sells the rights to use or sell his or her products to a franchisee.
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What is a Business plan?
A document setting out the business strengths, aims and strategies of a business.
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What is a USP?
A unique selling proposition; this is an aspect of the product that differentiates it from the competition.
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What is Market Research?
The process of gathering, analysing and producing data relevant to the market process.
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What is Primary Market Research?
Gathers data for the first time for a specific purpose.
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What is Secondary Market Research?
Uses data that already exists.
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What is a Sample?
A group of people or items selected to represent the population as a whole.
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What is a Focus group?
A small number of people fathered together to talk about a particular issue in open discussion.
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What is a Market?
Exists where buyers and sellers combine to exchange goods and services.
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What is a Primary Sector?
The first stage of production and includes extracting or growing resources. Farming, mining, and fishing are all part of the primary sector.
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What is Unlimited liability?
Occurs when an individual or group is personally responsible for all their actions of their business. With sole traders, the business could lose their personal assets if the business has financial problems.
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What is a company?
A business organisation that has its own legal identity and that has limited liability.
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What is a Shareholder?
An Investor in, and one of the owners of, a company.
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What is Bankruptcy?
Occurs when an individual becomes insolvent. You are declared bankrupt and the court takes control of your earnings and allows you to repay the money over a given number of years.
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What is Infrastructure?
Refers to the services and facilities that support day-to-day business activity, such as telecommunications, transport, and energy.
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What are Qualitative factors?
Factors that are not easy to measure such as the quality of life.
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What are Redundancies?
Occurs when employees lose their jobs because they no longer exist. e.g when a business has to close an outlet.
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What is Delegation?
Occurs when a superior entrusts a task to a subordinate.
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