1.5.3 - Business Objectives

Question 1

Intrapreneurship

Answer 1

Intrapreneurship involves people within a business creating or discovering new business opportunities, which leads to the creation of new parts of the business or even new businesses

Question 2

Uncertainty

Answer 2

Uncertainty is when businesses are unable to predict external shocks or future events

Question 3

Rewards of Enterprise

Answer 3

• Profits (made by the business)
• Capital gains (made by selling the business)
• Self-esteem
• Personal development
• Sense of control
• Satisfaction from building something

Question 4

The Mission Statement

Answer 4

• The overriding goal of the business
• The reason for its existence
• A strategic perspective
• A vision for the future

Question 5

Mission

Answer 5

A qualitative statement of the business’s aims

Question 6

Aim

Answer 6

A long-term plan from which business objectives are derived

Question 7

Objective

Answer 7

• A target which must be achieved in order to realise the stated aim
• A time-assigned target derived from the goals and set in advance of strategy

Question 8

Business Objectives

Answer 8

Targets which the business adopts in order to achieve its overall corporate aims