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Description
Flashcards by Mr_Lambert_Hungerhil, updated more than 1 year ago
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Created by Mr_Lambert_Hungerhil
over 8 years ago
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| Question | Answer |
| Entrepreneur | A person who owns and runs their own business and takes risks. |
| Enterprises | Another word for businesses. |
| Enterprise | A willingness by an individual or a business to take risks, show initiative and undertake new ventures. |
| Risk | The chance of damage or loss occurring as a result of making a decision. |
| Goods | Physical, tangible products like a car, a pair of scissors or a television set. |
| Services | Non-physical, intangible products like a taxi journey, a haircut or a television programme. |
| Thinking creatively (or creative thinking) | Coming up with new and unique ideas. |
| Competitive Advantage | An advantage a business has that enable it to perform better than its rivals in the market and which is both distinctive and defensible. |
| Deliberate Creativity | The intentional creation of new ideas through recognised and accepted techniques. |
| Lateral Thinking | Thinking differently to try and find new and unexpected ideas. |
| Blue Skies Thinking | A technique of creative thinking where participants are encourage to think of as many ideas as possible about an issue or a problem. |
| Invention | The discovery of new processes and potential new products, typically after a period of research. |
| Innovation | The process of transforming inventions into products that can be sold to customers. |
| Patent | Right of ownership of an invention or process when it is registered with the government. |
| Copyright | Legal ownership of material such as books, music and films which prevents these being copied by others. |
| Trademarks | The symbol, sign, or other features of a product or business that can be protected by law. |
| Calculated Risk | The probability of a negative event occurring. |
| Downsides | The disadvantages of a course of action, including what can go wrong. |
| Upsides | The advantages of a course of action, including what can go right. |
| Driven | In business, being very motivated. |
| Mindmap | Is a diagram that is used to record words and ideas connected to a central word or idea. |
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