Business Studies - Unit 1.2 Keywords

STUDY
PLAY

Terms in this set (...)

Entrepreneur
A person who owns and runs their own business and takes risk
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
Coming up with new and unique ideas.
Competitive Advantage
An advantage a business has that enables 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 encouraged to think of as many ideas as possible about an issue or problem.
Invention
The discovery of a 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 which prevents being copied by others e.g books, films and music.
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.