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Business
Theme 1
Topic 1.1
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Created by
Louise Arthur-Forson
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Cards (16)
Purpose of a business:
Provide
Good
or
service
Meet Customer needs
Add
value to
existing products
Reasons for new business ideas:
Changes in
technology
Products becoming
obsolete
Changes in
consumer wants
Businesses have
new ideas
because the world is
dynamic
and they need to
keep up
or they will be
obsolete
Business Enterprise
is the process of identifying a business
opportunity
in the market and starting up a
new business
An Entrepreneur is someone who takes
risk
in a business
Duties of and Entrepreneur:
Have to be a
risk taker
Good
Organisation skills
Make
decisions
Financial Loss: The
loss
of
money
which causes the
business
to
struggle
Rewards: success, making profit which improves quality of life and independence
The 3 types of business risk:
Business
failure
Financial
loss
Lack of
security
Lack of
security
: Don't have something to
rely
on if the business
fails
because the
entrepreneur
has usually left their job to start the business
Business Failure: There is always a
risk
of business
failing
Obsolete
:when a
product
becomes
out
of
date
or
no longer used
Tangible:
Products
your
able
to
touch
Intangible
is a good or service that your
unable
to touch
Customer is a person that
buys
the product
Consumer
is a person who uses the good or service