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Theme 1.1 Enterprise + Entrepreneurs - Coggle Diagram
Theme 1.1 Enterprise + Entrepreneurs
Business Enterprise
Purpose
To meet customer needs
Produce goods + services
To add value
Convenience
USP
Branding
Quality
Dynamic Nature of Business
Changes in tastes and trends
Changes in wants and needs
Evolving and doesn't stay the same
Technological changes- new business possibilities
Obsolete
Adapting existing ideas
Original ideas
Product
Service
Intangible
Good
Tangible
Risk + Reward
Risks
Lack of security
FInancial risk
Business faliure
High risk = high reward
Rewards
Business success
Profit
Independence
Entrepreneur
Risk taker