AOS 1 Flashcards
Business size
Number of employees, number of owners, legal structure, amount of revenue, amount of assets, market share
Identifying business opportunities
innovation, entrepreneurship, market opportunities, changing customer needs, technological development, global market
innovation
Creating or developing new messages, ideas or products in a new or already existing field
Entrepreneurship
The ability to start, manage and operate a new business, in hopes of turning over a profit
Market opportunities
A gap in the market where a product needed by consumers is not already being sold by a a rival company
Changing customer needs
Changing the company to better support the needs of customers
Technological development
Innovation in technology
Global market
The market where goods and services are sold by someone from one country to someone in another
Classifying a business
size, sector, business activity
Business sector
private/public
Business activity
primary, secondary, tertiary
Personal motivation behind starting a business
desire for independence, profit, market need, social need
Desire for independence
To have more freedom in where and when they work
To make a profit
starting a brand to make money
To fulfill a market need
Seeing that there are particular goods or services which there is demand for
To fulfill a social need
Concentrates on the community or environmental need
Goal setting
financial goals, social goals, personal goals,
financial goals
to increase profit and grow the brand
social goals
to serve the community better
Personal goals
Goals not usually made public and for the owner themselves
S.M.A.R.T. goals
Specific, measurable, attainable, relevant and time bound
Characteristics of successful business managers and entrepreneurs
entrepreneurs, a clear vision, initiative, innovation and enterprise
Entrepreneurs
a person who is willing to take risks and seize opportunities to start and operate a business in the hope of making a profit
A clear vision
Have a clear understanding of what the future of the business should look like and can build a cohesive team to achieve the goal
Initiative
Take the first necessary steps independently and without promptings or instruction
Innovation and enterprise
Invests effort to develop or create something new
Personal characteristics to establish a business
Courage, determination, initiative, risk-taker, headstrong, energy, wide range of skills
Protecting IP
Trademark, patent, copyright, design rights, domain name
Trademark
Right granted over a letter, word, phrase, number, sound, smell, shape, logo, picture or aspect of packaging
Patent
Right granted for any device, substance, method or process that is new inventive and useful
Copyright
Protection of original works, e.g. writing, music, art or film
Design rights
Rights given to commercially use, license or sell a design
Domain name
A potential owner can register a domain name so that no one else can use it
Feasibility study
An assessment of the business idea’s potential for success
Market research
A process that involves gathering and analyzing information in a specific market
The contribution of businesses to the nation
The economy, social wellbeing
Economic contribution
Contributing to employment and taxation revenue, economic growth (an increase in the real value of goods and services), export earnings, research and development
Social wellbeing contribution
Career and social wellbeing, innovation, corporate social responsibility, allows people to have jobs
Methods for fostering a culture of business innovation and entrepreneurship in a nation
Government investment in research and development, council grants for new businesses, business mentorships, school-based educational programs in entrepreneurship, regional business start-up hubs
Government investment in research and development
Federal and state governments support businesses to conduct R&D via direct funding, grants and tax incentives.
Council grants for new businesses
Local councils will provide business grants and funding programs. Occasionally these will apply to new businesses
Business mentorships
A business mentor is a person with extensive business experience who can guide a business owner with less experience
School-based educational programs in entrepreneurship
Awareness of entrepreneurship through education and information programs
Regional business start-up hubs
business enterprise centers that provide support to small business owners
private sector
privately owned by a person or a company
public sector
publicly/government owned, shares
