Enterprise and Entrepreneurship Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What does enterprise mean in business?

Enterprise means taking initiative and risk to start and grow a business.

What is an entrepreneur?

An entrepreneur is a person who spots an opportunity and organises resources to start and run a business.

Name two roles of an entrepreneur in a new business.

They start the business and make key decisions.

Name three skills or qualities of an entrepreneur.

Creative, organised, and resilient.

What does ‘organising resources’ involve for an entrepreneur?

Bringing together people, equipment, and money to start and run the business.

What is added value?

The difference between the selling price and the cost of materials and components.

Give three ways a business can add value.

Branding, improving quality, and offering greater convenience.

What is a unique selling point (USP)?

A feature that makes a product different from rival products.

What is innovation in business?

Turning new ideas into new or improved products or processes.

What is the difference between invention and innovation?

Invention creates something new; innovation improves it or uses it in a useful way.

Give two reasons why people become entrepreneurs.

To make a profit and to be their own boss.

How do entrepreneurs benefit the economy?

They create jobs, pay taxes, and give customers more choice.