front 1 Land | back 1 natural resources that can be used by an enterprise. |
front 2 Labour | back 2 skilled, semi-skilled and unskilled workers who can work for an enterprise. |
front 3 Capital | back 3 human-made aids to production. |
front 4 Risk | back 4 the possibility that events in relation to an enterprise do not turn out as expected. |
front 5 Business enterprise | back 5 a type of enterprise that usually has profit as its main objective. |
front 6 Creative | back 6 the introduction of something original and imaginative rather than imitated. |
front 7 Enterprise | back 7 a business organised and run by an entrepreneur who makes decisions and takes risks. |
front 8 Innovative | back 8 the introduction of something new or different. |
front 9 Positive attitude | back 9 the tendency to be optimistic. |
front 10 Social enterprise | back 10 a type of entereprise that does not usually have profit as its main objective. |
front 11 Stakeholders | back 11 various groups with a strong interest in a particular enterprise, including customers/consumers, employees/employers, suppliers, lenders, the local business community, the local government. |
front 12 Customer | back 12 a person or organisation that buys goods and/or serices from an enterprise. |
front 13 Supplier | back 13 businesses that provide resources to enterprises which allow them to produce goods and services. |
front 14 Enterprising | back 14 the showing of initiative, imagination, energy and resourcefullnes. |
front 15 Action plan | back 15 a plan that outlines the actions required to achieve particular aims and objectives and which provides a way of monitoring progress. |
front 16 Business organisation | back 16 an organisation that has been established with the purpose of producing and selling particualr goods and services. |
front 17 Sole trader | back 17 a person responsible for setting up and running an enterprise that he or she runs alone. |
front 18 Partnership | back 18 a type of business organisation owned by two or more people. |
front 19 Unlimited liability | back 19 the need for sole traders and partners (except limited partners) to pay the debts of an enterprise out of their personal funds. |
front 20 Limited company | back 20 a company that is legally independent from its shareholders, who as a result have limited liability. |
front 21 Limited liability | back 21 legal protection that allows shareholders to be liable for company debts only up to the value of their shareholding. |
front 22 Co-operative | back 22 a type of business organisation owned by its customers or its employees. |
front 23 Franchise | back 23 an arrangement whereby one company gives the right to another company to supply its products. |
front 24 Franchisee | back 24 the enterprise allowed by a company to conduct business using that company’s name and brand. |
front 25 Franchisor | back 25 the company that allows another company to conduct business using its name and brand. |
front 26 Social enterprise | back 26 a type of organisation that does not have profit as its main objective. |
front 27 Leadership style | back 27 the distinctive way in which decisions are taken in an enterprise. |
front 28 Autocratic | back 28 leaders, who assume a great deal of power and responsibility in an enterprise, taking all the major decisions. |
front 29 Democratic | back 29 leaders, who encourage others in the enterprise to be involved in decision making as much as possible. |
front 30 Laissez-faire | back 30 leaders, who allow employees to carry out a range of activities with relatively few guidelines or directions. |
front 31 Influencing skills | back 31 this skill is vital in a number of situations like negotiating, building a team, dealing with stakeholders. |
front 32 Team buidling | back 32 the process of improving the effectiveness and motivation of people working together in a team. |
front 33 Delegation | back 33 where responsibility is passed down to others in an enterprise. |
front 34 Problem-solving | back 34 entrepreneurs need to recognise the ‘core’ of a problem and have the ability to look at it from different perspecitves in order to find a solution. |
front 35 Prioritisation and time management | back 35 entrepreneurs need to be able to focus on the most important aspects of their work. |
front 36 Self-confidence | back 36 the entrepreneur needs to be confident in the themselves, their ability to succeed and and in their product and their enterprise from their business to acutally succeed. |
front 37 Resourcefulness | back 37 to achieve success, entreprenuers need to have (or be able to gain) various resources that are necessary to the success of their enterprises. |
front 38 Innovation | back 38 the process of putting a new idea into practice. There is product and proccess innovation. |
front 39 Taking calculated risks | back 39 making sure that every decision or risk taken has to align with the current state of the enterprise and the objectives and goals of it. |
front 40 Taking responsibility | back 40 an entrepreneur must be accountable for all the decisions taken in order to succeed. |
front 41 Motivation and determination to succeed | back 41 without this skill then the entrepreneur wouldn’t be so determined and will to see the business be in its highest levels and isn’t ambitious enough which could lead to the business’s failure. |
front 42 Creativity | back 42 this is necessary and essential so that they can brainstorm new and different products to set the business apart from its competitors to succeed. |
front 43 Perseverance | back 43 the determination and persistence to achieve something despite experiencing difficulties. |
front 44 changing needs or wants for a product | back 44 changes in taste and fashion, changes in the size and structure of population, changes in real income, advances in technology. |
front 45 Changes in government policy | back 45 availability of grants and subsidies, changes in taxation, changes in the law. |
front 46 Globalisation | back 46 the tred towards worldwide markets in goods and services. |
front 47 Unique selling point (USP) | back 47 a feature of a product that makes it different from other similar products, and therefore more attractive to people who might buy it. |
front 48 SWOT analysis | back 48 an acronym for strenghts, weeknesses, opportunities, and threats; it is a structured planning method that evaluates these four elements of an enterprise. |
front 49 PEST analysis | back 49 the analysis of the wider macro-environment of an enterprise including political, economic, social and technological, environmental and legal factors. |
front 50 Technology | back 50 the use of tools, machines and science in the production of goods. |
front 51 Risk-keen | back 51 the attitude to risk which recognises that a high level of risk is likely to lead to a high level of profit. |
front 52 Risk optimisers | back 52 a person willing to accept a certain amount of risk in the interest of making significant profits. |
front 53 Risk reducer | back 53 a person who wishes to reduce the amount of risk faced by an enterprise to reduce the likelihood of failure. |
front 54 Risk avoider | back 54 a person who wishes to avoid any possibility of risk in order to ensure the continued existence of an enterprise. |
front 55 Risk-averse | back 55 an attitude to risk charaterised by being unwilling or disinclined to take any risk. |
front 56 Corporatve social responsibility | back 56 the willingness of an enterprise to accept responsibility for its actions and how they may have an impact on a variety of stakeholders. |
front 57 Pressure group | back 57 an organisation that aims to influence governments and enterprises to adopt the policies and actions it favours. |
front 58 Ethical principle | back 58 a way of doing something according to a set of moral principles, values and beliefs. |
front 59 Social impact of enterprise | back 59 the impact either positive or negative, that an enterprise may have on communities and society. |
front 60 Fairtrade | back 60 fairtrade changes the way trade works through better prices, decent working conditions and a fairer deal for farmers and workers in developing countries. |
front 61 Negotiation | back 61 an interaction of influences that aims to reach an outcome that will satisfy the interests of those invovled. It invovles resolving disputes, agreeing upon courses of action(auction, brinkmanship, good guy/bad guy), bargaining for individual or collective advantage, reaching outcomes to satisfy outcomes to satisfy the interests of those involved. |
front 62 Negotiation style | back 62 a particular approach to the process of negotation. |
front 63 SMART objectives or targets | back 63 objectives or targets that are specific, measureable, achievable, realistic and time-based. |
front 64 Grant | back 64 a payment that is usually given to support a particular project or service. |
front 65 Lease | back 65 a contractual arrangement whereby an asset is used for a specified period of time on payment of rent. |
front 66 Lessee | back 66 the person or organisation that rents an asset from a lessor. |
front 67 Lessor | back 67 the person or organisation that rents out an asset to a lessee. |
front 68 Loan | back 68 money that is lent by a financial institution to a borrower. |
front 69 Mortgage | back 69 a form of loan that is usually secured against a property. |
front 70 Overdraft | back 70 a situation when an account is allowed to go into debt. |
front 71 Subsidy | back 71 a payment usually given to keep the selling price lower than would otherwise be the case. |
front 72 Crowdfunding | back 72 the practice of funding an enterprise project or venture by raising small amounts of money from a large number of people, typically via the internet. |
front 73 investment | back 73 the process of purchasing capital assets. |
front 74 Share or equity | back 74 a contribution to the finance needed by an enterprise organised as a limited company. A share certificate is issued to the shareholder. |
front 75 Venture capital | back 75 a collective investment scheme desgined to provide private equity capital for relatively small expanding enterprises. |
front 76 Credit | back 76 a sum of money that an enterprise allows an entrepreneur before requiring payment and/ or a sum of money that an enterprise allows a customer before requiring payment. |
front 77 Creditor | back 77 a person or organisation that is owed money. |
front 78 Debt | back 78 a sum of money that is owed by a person or organisation. |
front 79 Debtor | back 79 a perrson or organisation that owes money. |
front 80 Trade credit | back 80 the credit extended by a seller to the purchaser of goods and services. |
front 81 Cash flow | back 81 the inflow of money into and the outflow of money out of an enterprise. |
front 82 Surplus | back 82 the amount by which an enterprise’s income exceeds its exenditure or spending over a particular period of time. |
front 83 Deficit | back 83 the amount by which an enterprise’s exenditure or spending exceeds its income over a particular period of time. |
front 84 Solvency | back 84 the degree to which the current assets of an enterprise are greater than its current liabilities. |
front 85 Break-even | back 85 the break-even point is when the total revenue of an enterprise exactly matches the total costs and the enterprise is not making either a profit or a loss. |
front 86 Variable costs | back 86 the costs of an enterprise that vary directly with changes in the level of output. |
front 87 Fixed costs | back 87 the costs of an enterprise that do not vary directly with changes in the level of output. |
front 88 Contributions | back 88 the difference between sales revenue and variable costs. |
front 89 Profit | back 89 the difference between the sales revenue and the total costs of an enterprise. |
front 90 Loss | back 90 the gap or shortfall between an enterprise’s sales revenues and the total costs incurred in producing the output of the enterprise. |
front 91 Income | back 91 all of the incomings of an enterprise received from different sources over a specific period of time. |
front 92 Revenue | back 92 the income received from the sales of goods and/or services of an enterprise over a specific period of time. |
front 93 Expenditure or spending | back 93 all of the outgoings of an enterprise over a specific period of time. |
front 94 Debt | back 94 a sum of money that is owed by a person or organisation. |
front 95 Income statement, or profit and loss account | back 95 a statement which shows the net profit of an enterprise after all the expenses have been deducted. |
front 96 Budget | back 96 a financial statement of income and expenditure prior to a particular period of time. |
front 97 Budget variance | back 97 the difference between a budgeted or anticipated figure and the actual figure. |
front 98 Gross profit | back 98 the sales revenue of an enterprise less the cost of sales. |
front 99 Net profit | back 99 the gross profit of an enterprise less all other expenses. |
front 100 Stakeholders | back 100 the various people and groups with a strong interest in a particular enterprise, including customers, employees, suppliers and the community. |
front 101 Social responsibility | back 101 the idea that an enterprise has a responsibility towards the wider society and environment. |
front 102 Growth | back 102 the increase in size of an enterprise through internal and/or external expansion. |
front 103 Legal compliance | back 103 the process or procedure to ensure that an enterprise follows relevant laws, rules and regulations. |
front 104 Profit | back 104 the difference between the total revenue and the total cost of an enterprise. |
front 105 Profit maximisation | back 105 the goal of many enterprises to make the gap between total revenue and total cost as wide as possible. |
front 106 Sales revenue maximisation | back 106 where an enterprise aims to maximise the revenue received from sales rather than its profit. |
front 107 Satisficing | back 107 where an enterprise aims for an adequate level of profit, rather than profit maximisation. |
front 108 Action planning | back 108 a plan that outlines the actions required to achieve particular aims and objectives and which provides a way of monitoring progress. |
front 109 Business plan | back 109 a document that summarises the main objectives of an enterprise and how these objectives are to be achieved. |
front 110 Marketing | back 110 the process of communicating relevant information in order to influence the behaviour of consumers in ways which will benefit the enterprise. |
front 111 Consumer sovereignty | back 111 the importance of changes in consumer preferences in determining the allocation of scarce resources in an economy. |
front 112 Want | back 112 an item that is desirable, but not essential. |
front 113 Need | back 113 an item that is essential for survival. |
front 114 Market orientation | back 114 an approach where an enterprise takes decisions on the basis of consumer demand. |
front 115 Market research | back 115 the collection and analysis of information that relates to the consumption of products or services. |
front 116 Primary research | back 116 the collection of first-hand or original information (information that does not already exist) through different forms of field research. |
front 117 Field research | back 117 ways of gaining first-hand information through such methods as a questionnaire or an interview. |
front 118 Quantitative research | back 118 the gaining of information in the form of hard objective data like statistics. |
front 119 Qualitative data | back 119 the gaining of information in the formm of soft subjective data like opinions and attitudes. |
front 120 Secondary research | back 120 the collection of information that already exists through different forms of desk research. |
front 121 Desk research | back 121 the ways of gaining second-hand information through such methods as analysing sales figures from inside an enterprise or using government research reports from outside the enterprise. |
front 122 Customer satisfaction | back 122 the degree to which the products supplied by an enterprise, and the qaulity of the service provided in the selling of those products , meet or exceed the expectatios of customers. |
front 123 Focus group | back 123 a small number of people who are brought together to give feedback on a specific product or service. |
front 124 Mystery shopper | back 124 a person employed by a market research firm to visit retail establishments, posing as a casual shopper, to collect information on products and the quality of service. |
front 125 Mass media | back 125 a mixture of various technologies that are used to reach an audience. |
front 126 Website | back 126 a set of web pages served from a single web domain; all publicly accessible websites collectively compruse the world wide web. |
front 127 Social media | back 127 websites, other online means of communication and applications that enable users to share information and to participate in social networking. |
front 128 Word of mouth | back 128 people speaking to each other about a particular enterprise or product. |
front 129 Sponsorship | back 129 a sutuation where an enterprise supports an event or an organisation in some way and recieves publicity as a result. |
front 130 Regional policy | back 130 a government policy which is designed to concentrate help and support in particular areas of a country. |
front 131 Consultant | back 131 a person who provides expert advice in a particular are of enterprise activity. |
front 132 Business and enterprise network | back 132 a means of bringing business people together to share, and learn from, their experiences in business and enterprise. |
front 133 Mentor | back 133 an experienced person who will be a source of useful advice. |
front 134 Incubation centre | back 134 a place where resources, space and an appropriate environment are provided for entrepreneurs to start up an enterprise. |
front 135 SME | back 135 small and medium or medium-sized enterprises. |
front 136 Formal communication | back 136 the official channels of communication used within an enterprise. |
front 137 Informal communication | back 137 the unofficial channels of communication used within an enterprise. |
front 138 Vertical communication | back 138 messages between people on different organisational levels of an enterprise; there are two types of vertical communication; downwards and upwards. |
front 139 Body language | back 139 the process of communicating in a non-verbal way through concious or unconcious gestures, movements and mannerisms. |
front 140 Verbal communication | back 140 messages between people in an enterprise that are spoken, such as face-to-face conversation. |
front 141 Written communication | back 141 messages between people in an enterprise that are actually written down, such as in a letter. |
front 142 Horizontal communication | back 142 messages between people on the same organisational level of an enterprise. |
front 143 Internet | back 143 a global system of interconnected computer networks that provides an extensive range of information resources and services. |
front 144 Intranet | back 144 a computer network that shares information resources and services within a particular enterprise. |
front 145 Shareholder | back 145 an individual who contributes funds to a limited company in return for share in that company. |
front 146 Annual General Meeting (AGM) | back 146 a yearly meeting of shareholders that a limited company is usually legally required to hold. |
front 147 Agenda | back 147 a list of items that will be discussed at a forthcoming meeting. |
front 148 Formal report | back 148 a document that is written to provide information, analyse an issue to make recommendations. |
front 149 Formal report | back 149 a document that is written to provide information, analyse an issue and make recommendations. |
front 150 Minutes | back 150 a summary of what has taken place at a meeting. |
front 151 Notice of meeting | back 151 the provision of information about the date, time and place of forthcoming meeting. |