1.1 Enterprise and Entrepreneurship

Cards (7)

why do business ideas come about
Changes in technology, consumer wants and products becoming obsolete
How do new business ideas come about
original ideas and adapting existing product/services
Risks that come with starting a business
Financial loss, business failure, lack of security
Rewards of starting a business
Independence, profit, business success
What is the purpose of business activity
To produce goods or services
To meet customer needs
To add value
5 ways of adding value
USP, Branding, Quality, convenience, Design
What is the role of entrepreneurship?
taking risks, organising resources, making business decisions