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Enterprise and Entrepreneurship - Coggle Diagram
Enterprise and Entrepreneurship
Entrepreneur is a person who owns or runs their own business and takes risks.
Enterprise is a another word for business.
Dynamic Nature of Business is the idea that business is constantly running changing due to due to external factors such as technology.
Obsolete is a product or service with sales that have declined or come to an end as customers find something new.
Risk is the chance of damage or loss occurring as a result of making a decision.
Goods is physical, tangible products like a car, a pair of scissors or a television set.
Services is non-physical, intangible, products like a taxi journey, a haircut or a television programme.
Thinking Creatively/Creative thinking is coming up with new unique ideas.
Demand is the number of units that customers want- and can afford- to buy
Adapting existing products is finding new products based in the original one, such as Wall's White Chocolate Magnum.
Competitive Advantage is a feature of a business that helps it to succeed against rivals.
Original Ideas is the ideas that have not been done before.
Business failure is the collapse of a business probably leading to its closure.
Independence is the ability to make their decisions and be their own boss.
Lack of financial security is uncertainty for the business owner about day-to-day family income.
Risk is about taking a chance, which may fail however if it succeeds that would be rewarding for the business. Such as independence, profit and wealth.
Customer needs is the products or services people need to make life comfortable
Customer Wants is what people choose to spend their money on, once the weekly bills have been paid.
Branding is giving a product or service 'personality', with a name and logo that makes it stand out.
Unique selling point (USP) is an original feature of a product that competitors are not offering
Value added is the difference between the price of the finished product /service and the cost involved in making the product/service
Business decisions is the choices that have to be made, usually within a short time period.
Human resources is a term used by organisations that means employees.
Resources is the things or people that can be used to help and run the business. Entrepreneurs have identified three groups:
Physical resources: choosing the right premises, purchasing the right equipment.
Human resources: recruiting the right candidates with the right set of skills that your business needs.
Technical resources: buying the correct software packages such as SAGE (accounting firms), Windows (office work)
Risk Taking is making decisions where unknown factors or chances o failure are hindering on the decision-makers mind.
Capital Good is something produced not to be consumed now- but to assist in the production of consumer goods in the future. E.g. Robinson Crusoe's fishing net.
Consumer goods- Single-use consumer good is an item to be used once. E.g. match. Or Robinson Crusoe's black tropical fish. Durable use consumer goods can be used again e.g. handbag.