ENTERPRISE

The physical and tangible goods sold to the general public – they include durable consumer goods, such as cars and washing machines, and non-durable consumer goods, such as food, drinks and sweets that can be used only once.

• Consumer goods

• Consumer services

• Capital goods

The non-tangible products sold to the general public – they include hotel accommodation, insurance services and train journeys.

• Consumer goods

• Consumer services

• Capital goods

The physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles

• Consumer goods

• Capital goods

• Consumer services

Increasing the difference between the cost of purchasing bought-in materials and the price the finished goods are sold for.

• Added value

• Creating value

• Opportunity cost

The difference between the cost of purchasing bought-in materials and the price the finished goods are sold for

• Opportunity cost

• Added value

• Creating value

The benefit of the next most desired option which is given up.

• Creating value

• Opportunity cost

• Added value

Someone who takes the financial risk of starting and managing a new venture

• Triple bottom line

• Entrepreneur

• Social enterprise

The three objectives of social enterprises: economic, social and environmental.

• social enterprise

• Triple bottom line

• entrepreneur

A business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising returns to owners

• Triple bottom line

• Entrepreneur

• Social enterprise

The entrepreneur may not be an inventor in the traditional sense, but they must be able to carve a new niche in the market, attract customers in innovative ways and present their business as being different from others in the same market.

• Commitment and self-motivation

• Innovation

• Multiskilled

• Leadership skills