Business Studies Unit 1.1

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What is enterprise?
Entrepreneurial activity
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Why do new business ideas come about?
Changes in society and consumer trend
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How do entrepreneurs come up with new ideas?
Adapting existing products or creating a completely original product
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What are the main risks that an entrepreneur takes when starting a new business?
Business failure, financial loss and lack of security
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What is cash flow?
The amount of money coming in and going out of a business
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What is intuition?
Knowing something instinctively
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What are the main rewards for an entrepreneur?
Business success, profit and independence
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What are stakeholders?
Anyone who has an interest in the activities of a business
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What are the three main purposes that business activities have?
To produce goods and services, to meet customer needs and to add value
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How can a business add value to a product/service?
Branding, convenience, quality or USPs
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What three things do entrepreneurs usually have to do?
Organise resources, make business decisions and take risks
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Other cards in this set

Card 2

Front

Why do new business ideas come about?

Back

Changes in society and consumer trend

Card 3

Front

How do entrepreneurs come up with new ideas?

Back

Preview of the front of card 3

Card 4

Front

What are the main risks that an entrepreneur takes when starting a new business?

Back

Preview of the front of card 4

Card 5

Front

What is cash flow?

Back

Preview of the front of card 5
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