the idea that business is ever changing because external factors, such as technology, are always changing
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Venture capital
risk capital provided by an investor willing to take risk in return for a share in any later profits; the venture capital provider will take a share stake in the business
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Demand
the number of units that customers want- can afford- to buy
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Entrepreneurs
business people who see opportunities and are waiting to still take risks in making them happen
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Obsolete
a product or service with sales that have declined or come to an end as customers find something new
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Adapting existing products
finding new products based on the original one.
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Competitive advantage
a feature of a business that helps it to succeed against rivals
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Original ideas
ideas that have not been done before
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Business failure
the collapse of a business, probably leading to its closure
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Independence
the need by many business owners to make their own decisions and be their own boss
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Lack of financial security
uncertainty for the business owner about day-to-day family income and assets
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Risk and reward
the balance between the worst that can happen and the best that can happen
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Customer needs
the products or services people need to make life comfortable
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Customer wants
what people choose to spend their money on, once the weekly bills have been paid
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Goods
products that may be fresh, such as apples, or manufactured, such as Heinz Baked Beans
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Services
providing useful ways to help people live their lives, for example shops, restaurants and hospitals
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Branding
giving a product or service 'personality', with a name and logo that makes it stand out
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Unique selling points (USP)
an original feature of a product that rivals aren't offering
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Value added
the difference between the selling price and the cost of bought in-goods and services (the difference that creates the possibility of profit)
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Business decisions
choices that have to be made, usually within a short time period.
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Human resources
a term used by organisations that simply means employees
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Resources
things or people that can be used to help build and run a business
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Risk taking
making decisions where unknown factors or chances of failure loom large in the decision-maker's mind
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Other cards in this set
Card 2
Front
risk capital provided by an investor willing to take risk in return for a share in any later profits; the venture capital provider will take a share stake in the business
Back
Venture capital
Card 3
Front
the number of units that customers want- can afford- to buy
Back
Card 4
Front
business people who see opportunities and are waiting to still take risks in making them happen
Back
Card 5
Front
a product or service with sales that have declined or come to an end as customers find something new
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