AQA AS BUSS 1 key terms for Enterprise Watch
Enterprise: refers to the process by which new businesses are formed and new products and services are brought to the market
Enterprise Skills: skills that allow an individual or organisation to respond effectively to changing market situations, including problem solving, thinking and acting innovatively and creatively, and understanding the importance of risk and uncertainty.
Entrepreneurs: individuals who have an idea that they develop by setting up a new business and encourage it to grow. They take the risk and subsequent profit and success or the losses that come with failure.
Characteristics of an entrepreneur:
- Determination and persistence
- the ability to spot and take advantages of opportunities
- Relevant skills and expertise
- Vision, creativity and innovation
- Motivation to succeed and not be daunted by failure
- Willingness to take risks
Opportunity Cost: the real cost of taking a particular action or the next best alternative forgone (sacrificed).
I'm going to quote in Puddles the Monkey now so she can move your thread to the right place if it's needed.