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Definitions and Meanings

Topic 1.1 Enterprise and entrepreneurship

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The ability to turn an idea into a successful business. In economic terms – enterprise includes the combination of three of the factors of production.
An individual who has and then develops a business idea and is prepared to take risks to exploit a business opportunity. The entrepreneur may invent a brand new product or service or recognise and exploit a gap in the market
The creation of a brand new product or service that has not been available before.
Bringing a new product to the market place or adapting an existing product by changing and improving it in some way.
The specific feature or features that make a product different from the competition.
Consumer – the person who uses a good or service. Customer – the person who purchases a good or service from a business.
The way in which a business increases the worth of its inputs and sells them for a higher amount than they were purchased for. Main sources of added value are convenience and speed, branding, quality, design and the USP
The advantage that a business has over the rival firms in its market.
An event that may occur and if it does will have a harmful or negative effect. Calculated risk is a way of assessing and managing risk which considers the probability of a risk occurring and the financial implications if it does occur
Enterprise
Entrepreneur
Invention
Innovation
Unique selling point
Consumer/customer
Added Value
Competitive advantage
Risk

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