BUSS 1 KEY QUESTIONS
1. Enterprise
a) An Enterprise is a business or organisation which is formed and new products and services are created and brought into the market. Usually established to cater to the gap in the market.
b) Enterprise skills are characteristics needed that allow the company or individual to respond effectively to changing markets. Examples of these are determination, persistence, passion and relevant skills and expertise.
c) An entrepreneur is an individual that had an idea in which they developed by setting up an organisation/ business and have a vision to help allow it to grow
d) The rewards for taking risks
2. Generating and protecting business ideas
a) The four sources of business ideas are ;
Spotting trends and anticipating their impact. This is the process in which companies take if demand is high within a certain field/trend. E.g. Innocent Drinks decided to take a healthy approach by providing smoothies. This was to support the big trend within healthier lifestyles.
Identifying a market niche. This is about noticing something that is missing within the market or something in which can be improved on.
Copying Ideas from other countries. This usually happens when entrepreneurs find and take interest successful ideas from abroad. Examples of this are Starbucks who took the idea of coffee bar culture from Italy to the USA.
Taking a scientific approach. This is where entrepreneurs invent original new products within laboratories and universities.
b) A franchise is when a business (the franchisor) gives another business (the franchisee) the right to supply its product or service. An example of a franchise is the fast food restaurant MacDonalds.
c) ..
d) ..
e) Copyright/Patents/Trademarks. The differences between the three are firstly that copyright is the legal protection against copying for authors, composers and artists. Whereas a patent is an official document granting the holder the right to be the only user or producer of a newly invented
a) An Enterprise is a business or organisation which is formed and new products and services are created and brought into the market. Usually established to cater to the gap in the market.
b) Enterprise skills are characteristics needed that allow the company or individual to respond effectively to changing markets. Examples of these are determination, persistence, passion and relevant skills and expertise.
c) An entrepreneur is an individual that had an idea in which they developed by setting up an organisation/ business and have a vision to help allow it to grow
d) The rewards for taking risks
2. Generating and protecting business ideas
a) The four sources of business ideas are ;
Spotting trends and anticipating their impact. This is the process in which companies take if demand is high within a certain field/trend. E.g. Innocent Drinks decided to take a healthy approach by providing smoothies. This was to support the big trend within healthier lifestyles.
Identifying a market niche. This is about noticing something that is missing within the market or something in which can be improved on.
Copying Ideas from other countries. This usually happens when entrepreneurs find and take interest successful ideas from abroad. Examples of this are Starbucks who took the idea of coffee bar culture from Italy to the USA.
Taking a scientific approach. This is where entrepreneurs invent original new products within laboratories and universities.
b) A franchise is when a business (the franchisor) gives another business (the franchisee) the right to supply its product or service. An example of a franchise is the fast food restaurant MacDonalds.
c) ..
d) ..
e) Copyright/Patents/Trademarks. The differences between the three are firstly that copyright is the legal protection against copying for authors, composers and artists. Whereas a patent is an official document granting the holder the right to be the only user or producer of a newly invented