1.1 Enterprise and Entrepreneurship

• Entrepreneur


  Someone who creates a business, taking on financial risks with the aim of making a profit from the business
• Consumer


  Someone and uses goods and services
• Obsolete


  Out of date of not used anymore
• E-commerce


  Using the internet to carry out business transactions
• Risk


  The possibility that an enterprise will have lower than anticipated profits or experience a loss
• Financial reward


  The money that an entrepreneur or investor receives when a business succeeds
• Market research


  The process of gathering information about the market and customers' needs and wants in order to help inform business decisions, including product design and marketing
• Start-up


  A new business, usually with only a small number of employees - perhaps only one
• Market share

  The proportion of sales in a market that taken by one business
• customer needs

  The necessities of buyers of a product or the customers of a business.
• Product

  Something tangible that is produced to satisfy customer needs
• Service

  work that is performed for someone, which is intangible
• Customer

  A person who buys good and services
• Factors of production

  The inputs into a business: Land Labour Capital and Enterprise