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49 flashcards · Other · by Some Guy

1. 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

2. Economy

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

3. 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

4. goods

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

5. dynamic markets

   markets that are constantly changing

6. obsolete

   no longer in use or out of date e.g. floppy disk, typewriters, film

7. Intuition

   Knowing something instinctively or understanding something easily without conscious thought

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. Loyalty

    Wanting to always support something or someone

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. Revenue forecast

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

16. 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

17. Financial reward

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

18. Risk

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

19. Demographic

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

20. Data

    Information, particularly statistics, that can be collected and analysed

21. Marketplace

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

22. 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

23. Social media

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

24. M-commerce

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

25. E-commerce

    Using the internet to carry out business transactions

26. Obsolete

    Out of date or not used anymore

27. Consumer

    Someone who buys and uses goods and services

28. what is the roll of an entrepreneur

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

29. Entrepreneur

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

30. Enterprise

    Entrepreneurial activity (can also mean a business or company)

31. what factors can be used to add value

    * design * USP * quality * branding * convenience

32. 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

33. Market share

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

34. Unique selling point (USP)

    Something that makes a product stand out from its competitors

35. Values

    Standards of behaviour or moral principles

36. enterprise

    the motivation from the owner to start a business

37. capital

    the equipment and machinery used to produce the product

38. labour

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

39. land

    somewhere to produce goods e.g. a farm

40. factors of production

    * land * labour * capital * enterprise

41. profit formula

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

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

43. business reward

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

44. 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

45. why businesses fail

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46. business failure

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

47. riks

    * business failure * financial loss * lack of security

48. consumer

    someone who buys and uses goods and services

49. 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