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49 flashcards · Other · by Some Guy

1. M-commerce

   Using mobile technologies, such as smartphones and tablets, to carry out business transactions

2. Loyalty

   Wanting to always support something or someone

3. Economy

   The system by which a country’s money and goods are produced and used

4. Unique selling point (USP)

   Something that makes a product stand out from its competitors

5. obsolete

   no longer in use or out of date e.g. floppy disk, typewriters, film

6. goods

   * goods that are capable of satisfying customer needs * physical / tangible e.g. * cars * phones * x-box

7. services

   * is an act that a business person carries out for you in exchange for money * skill that someone sells e.g. * dental treatment * cleaning * wifi * gardening

8. Ethics

   Moral principles or standards that guide the behaviour of a person or business

9. Stakeholder

   Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community and the government

10. Intuition

    Knowing something instinctively or understanding something easily without conscious thought

11. Start-up

    A new business, usually with only a small number of employees – perhaps only one

12. Investment

    Putting money into a business with the intention of making a profit

13. Sales revenue

    The amount of money that comes in from a business’s sales

14. Cash flow

    The amount of money coming in and going out of the business and the timing of the movement

15. dynamic markets

    markets that are constantly changing

16. why do business ideas come about?

    * changes in technology * online shopping * social media changes in what consumers want * wearable technology * healthy food products and services become obsolete * floppy disk * typewriters changes in tastes and trends * robotic toys vs dolls

17. Are there any other ways new business ideas come about?

    * create a new products to solve a problem * adapting existing products * create a product to solve a problem adapt an existing products or services to keep up with changes in consumer trends

18. Revenue forecast

    A prediction of future revenue based on expected sales; this is either a judgement or based on previous sales patterns

19. Market research

    The process of gathering information about the market and customers’ needs and wants in order to help inform business decisions, including product design and marketing

20. consumer

    someone who buys and uses goods and services

21. riks

    * business failure * financial loss * lack of security

22. business failure

    when businesses don't plan for the future in a dynamic market

23. why businesses fail

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24. why is starting a business a financial risk for an owner?

    * the owner puts their own savings into the business * unlimited liability means that the owner could lose their personal possessions

25. Market share

    The proportion of sales in a market that taken by one business

26. business reward

    a business reward is a benefit that it brings to the owner

27. list 5 things that means a business has been a success

    * fame * awards * growth * more money / profit * survival

28. profit formula

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29. Financial reward

    The money that an entrepreneur or investor receives when a business succeeds

30. factors of production

    * land * labour * capital * enterprise

31. land

    somewhere to produce goods e.g. a farm

32. labour

    people to work in the business e.g. farm workers

33. capital

    the equipment and machinery used to produce the product

34. enterprise

    the motivation from the owner to start a business

35. Risk

    The possibility that an enterprise will have lower than anticipated profits or experience a loss

36. added value

    the difference between what a business pays it's suppliers, and the price it is able to charge for it's product / service

37. what factors can be used to add value

    * design * USP * quality * branding * convenience

38. Enterprise

    Entrepreneurial activity (can also mean a business or company)

39. Entrepreneur

    Someone who creates a business, taking on financial risks with the aim of making a profit from the business * willing to take risks

40. Demographic

    Relating to the population, such as average age, average income and so on

41. Data

    Information, particularly statistics, that can be collected and analysed

42. Marketplace

    The activities involved in buying and selling particular types of goods and services, in competition with other companies

43. Payment platform

    Enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller

44. Social media

    Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content

45. what is the roll of an entrepreneur

    * risk taking / risk own money * no guarantee that the final product will sell * make business decisions * innovative

46. Consumer

    Someone who buys and uses goods and services

47. Values

    Standards of behaviour or moral principles

48. Obsolete

    Out of date or not used anymore

49. E-commerce

    Using the internet to carry out business transactions