Topic 1.1 Enterprise and entrepreneurship Flashcards
Pearson Edexcel Level 1/Level 2 GCSE (9-1) in Business (1BS0)
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Dynamic nature of business
Refers to how businesses adapt to changes in technology, consumer wants, and products/services becoming obsolete.
Why new business ideas come about
Due to changes in technology, changes in consumer wants, or products/services becoming obsolete.
How new business ideas come about
Through original ideas or by adapting existing products, services, or ideas.
Risks in business
Include business failure, financial loss, and lack of security.
Rewards in business
Include business success, profit, and independence.
Role of business enterprise
To produce goods or services, meet customer needs, and add value through convenience, branding, quality, design, or unique selling points.
Role of an entrepreneur
Organises resources, makes business decisions, and takes risks.
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