AOS 1 Flashcards
business opportunity
a set of circumstances that presents itself as an avenue to success
innovation
creating a new good, service, product or significantly improving an existing one
personal motivations
desire for independence, make a profit, fulfil a market need, fulfil a social need
goal setting
describes what a business expects to achieve over a set period of time
business concept development
a structured way to develop initial idea of a product, comes from motivations or personal qualities
relationship between business opportunities and bcd
business opportunities like motivations and personal qualities of an individual can lead to bcd. This can lead to goal setting and market research
market research
systematically collecting, recording and analysing information concerning a specific market
feasibility study
an assessment of the practicality and potential for success of a proposed business idea
business contribution to the economy and social wellbeing of a nation
social wellbeing: improves living standards, consumer choice and competition, R & D. economic: economic growth, tax
methods that can be used to foster a culture of innovation and entrepreneurship
business mentorship, school based programs in entrepreneurship and regional start up hubs
SMART goal
Specific, Measurable, Attainable, Relevant, Timely
business opportunities:
global markets, technological development, changing consumer needs, innovation, market opportunities, entrepreneurship, R & D
characteristics of an entrepreneur
risk taker, high financial means, motivated, find a gap in the market, seek out opportunities
vision statement
where a business wants to be in the future
mission statement
what the business does and how it will achieve their vision
