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Business Management Unit 1 > AOS 1 > Flashcards

AOS 1 Flashcards

1
Q

Business size

A

Number of employees, number of owners, legal structure, amount of revenue, amount of assets, market share

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2
Q

Identifying business opportunities

A

innovation, entrepreneurship, market opportunities, changing customer needs, technological development, global market

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3
Q

innovation

A

Creating or developing new messages, ideas or products in a new or already existing field

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4
Q

Entrepreneurship

A

The ability to start, manage and operate a new business, in hopes of turning over a profit

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5
Q

Market opportunities

A

A gap in the market where a product needed by consumers is not already being sold by a a rival company

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6
Q

Changing customer needs

A

Changing the company to better support the needs of customers

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7
Q

Technological development

A

Innovation in technology

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8
Q

Global market

A

The market where goods and services are sold by someone from one country to someone in another

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9
Q

Classifying a business

A

size, sector, business activity

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10
Q

Business sector

A

private/public

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11
Q

Business activity

A

primary, secondary, tertiary

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12
Q

Personal motivation behind starting a business

A

desire for independence, profit, market need, social need

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13
Q

Desire for independence

A

To have more freedom in where and when they work

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14
Q

To make a profit

A

starting a brand to make money

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15
Q

To fulfill a market need

A

Seeing that there are particular goods or services which there is demand for

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16
Q

To fulfill a social need

A

Concentrates on the community or environmental need

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17
Q

Goal setting

A

financial goals, social goals, personal goals,

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18
Q

financial goals

A

to increase profit and grow the brand

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19
Q

social goals

A

to serve the community better

20
Q

Personal goals

A

Goals not usually made public and for the owner themselves

21
Q

S.M.A.R.T. goals

A

Specific, measurable, attainable, relevant and time bound

22
Q

Characteristics of successful business managers and entrepreneurs

A

entrepreneurs, a clear vision, initiative, innovation and enterprise

23
Q

Entrepreneurs

A

a person who is willing to take risks and seize opportunities to start and operate a business in the hope of making a profit

24
Q

A clear vision

A

Have a clear understanding of what the future of the business should look like and can build a cohesive team to achieve the goal

25
Q

Initiative

A

Take the first necessary steps independently and without promptings or instruction

26
Q

Innovation and enterprise

A

Invests effort to develop or create something new

27
Q

Personal characteristics to establish a business

A

Courage, determination, initiative, risk-taker, headstrong, energy, wide range of skills

28
Q

Protecting IP

A

Trademark, patent, copyright, design rights, domain name

29
Q

Trademark

A

Right granted over a letter, word, phrase, number, sound, smell, shape, logo, picture or aspect of packaging

30
Q

Patent

A

Right granted for any device, substance, method or process that is new inventive and useful

31
Q

Copyright

A

Protection of original works, e.g. writing, music, art or film

32
Q

Design rights

A

Rights given to commercially use, license or sell a design

33
Q

Domain name

A

A potential owner can register a domain name so that no one else can use it

34
Q

Feasibility study

A

An assessment of the business idea’s potential for success

35
Q

Market research

A

A process that involves gathering and analyzing information in a specific market

36
Q

The contribution of businesses to the nation

A

The economy, social wellbeing

37
Q

Economic contribution

A

Contributing to employment and taxation revenue, economic growth (an increase in the real value of goods and services), export earnings, research and development

38
Q

Social wellbeing contribution

A

Career and social wellbeing, innovation, corporate social responsibility, allows people to have jobs

39
Q

Methods for fostering a culture of business innovation and entrepreneurship in a nation

A

Government investment in research and development, council grants for new businesses, business mentorships, school-based educational programs in entrepreneurship, regional business start-up hubs

40
Q

Government investment in research and development

A

Federal and state governments support businesses to conduct R&D via direct funding, grants and tax incentives.

41
Q

Council grants for new businesses

A

Local councils will provide business grants and funding programs. Occasionally these will apply to new businesses

42
Q

Business mentorships

A

A business mentor is a person with extensive business experience who can guide a business owner with less experience

43
Q

School-based educational programs in entrepreneurship

A

Awareness of entrepreneurship through education and information programs

44
Q

Regional business start-up hubs

A

business enterprise centers that provide support to small business owners

45
Q

private sector

A

privately owned by a person or a company

46
Q

public sector

A

publicly/government owned, shares

Business Management Unit 1 (3 decks)

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