Starting your own business-Glossary of terms

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An Entrepreneur is...
A person who has a business idea, develops the idea and organises the resources to see the idea through.
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Entrepreneurship is...
The creation and development of new business ideas.
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An Enterprise is...
A project or undertaking that involves risk/difficulty and requires effort/courage.
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Financial reward is...
Profit=sales revenue, adding value
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Added value is...
The difference between the costs of raw materials brought to make the product and the price the customer pays for the finished result.
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Risk/reward ratio is...
Comparing the expected returns of an investment to the amount of risk undertaken to capture these returns.
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Non-Financial reward is...
A sense of achievement, having freedom and flexibility.
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Other cards in this set

Card 2

Front

The creation and development of new business ideas.

Back

Entrepreneurship is...

Card 3

Front

A project or undertaking that involves risk/difficulty and requires effort/courage.

Back

Preview of the back of card 3

Card 4

Front

Profit=sales revenue, adding value

Back

Preview of the back of card 4

Card 5

Front

The difference between the costs of raw materials brought to make the product and the price the customer pays for the finished result.

Back

Preview of the back of card 5
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