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Business > AOS 1 > Flashcards

AOS 1 Flashcards

1
Q

Define ‘Entrepreneurship’:

A

The process of establishing a business to satisfy a need in the market whilst taking on the associated risks.
(Not everyone has what the ability to take the risk needed, even if they have the desire or passion.)

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2
Q

Define ‘Business Venture’:

A

A business venture is a new business that is formed which involves risk.

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3
Q

Define ‘Loan’:

A

Borrowing a sum of money from another person or institution, and then paying the amount back at a later date with interest attached.

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4
Q

Define ‘Entrepreneur’:

A

An individual who starts a business and takes the associated risks in order to satisfy a need in the market.

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5
Q

The Skills/Characteristics an Entrepreneur Needs:

A

Risk-taking, leadership, innovation, communication, decision-making, networking, determination, resourcefulness, and knowledge.

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6
Q

Personal Motivations:

A

Personal independence, financial independence, to make a profit, to fulfil a market need, to fulfill a social need.

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7
Q

Define ‘Goods’:

A

Physical items that satisfy an individuals wants/needs. E.g. clothing, appliances.

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8
Q

Define ‘Services’:

A

Actions that are performed for customers to fulfil their wants or needs. E.g. A doctors appointment, a plummer.

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9
Q

Define ‘Start-Up’:

A

A business that is in the early stages of its establishment.

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10
Q

Personal Independence:

A

Involves a person being in control of their own decisions and actions.

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11
Q

Define ‘Revenue’:

A

The amount of money a business makes from selling goods or services.

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12
Q

Define ‘Expenses’:

A

The costs incurred when operating a business.

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13
Q

Define ‘Product’:

A

A good or service that satisfies consumer wants and needs.

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14
Q

Financial Independence:

A

The Ability to fund a desired lifestyle without relying on income from another individual.

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15
Q

Making a Profit:

A

A business generating more revenue than expenses it incurred.

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16
Q

Fulfilling a Market Need:

A

When a business fills a gap in the market by addressing customer needs that are currently unmet or underrepresented by competitors in the same industry.

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17
Q

Define ‘Social Enterprise’:

A

A type of business that aims to fulfill a community or environmental need by selling goods or services.

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18
Q

Fulfilling a Social Need:

A

Improving society and the environment through business activities.

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19
Q

Define ‘Manager’:

A

An individual who has the responsibility of overseeing and handling employees whilst also running the day-to-day business tasks to achieve objectives.

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20
Q

The Characteristics of a Successful Manager:

A

Communication skills, determination, knowledge, strong ethics, and flexibility.

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21
Q

Define ‘Innovation’:

A

Creating and implementing new ideas or significantly improving upon an existing good, service, or way of doing something.

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22
Q

Business Opportunity:

A

A favorable situation that can lead to improvements or success for a business.

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23
Q

Bitcoin:

A

A type of digital currency that is not controlled by a bank or administrator.

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24
Q

Define ‘Market Opportunity:

A

A need or want that is not currently being met by any business.

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25
Q

Business Environment:

A

Made up of surrounding factors that influence how a business operates.

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26
Q

Define ‘Demographics’:

A

Structural information about the characteristics of a population, such as age, ethnicity, gender, and income.

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27
Q

Factors That Can Create Market Opportunities:

A

Changing demographics, changing societal attitudes, changing laws, and advancements in technology.

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28
Q

Changing Customer Needs:

A

The transitions in the desires of customers.

29
Q

Research and Development:

A

Directing resources, such as money, towards discovering, creating, and introducing new products and processes.

30
Q

Technological Developments:

A

The inventions and innovations of tools that solve problems and enhance processes.

31
Q

Global Market:

A

The are in which businesses trade goods and services, comprised of both business and customers from countries all across the world.

32
Q

Define ‘Globalisation’:

A

The increased trade, communication, and travel between countries due to decreased trade barriers and increased technology.

33
Q

Define ‘Business Goals’:

A

What a business wants to achieve within a specific time frame.

34
Q

Define ‘Business Strategies’:

A

A series of actions that a business will implement to achieve its goals.

35
Q

Financial Goals:

A

Targets for improving the overall financial performance of a business.

36
Q

Social Goals:

A

Targets set by a business that aims to improve the welfare of the community, environment, or employees of a business.

37
Q

Define ‘Profit Margin’:

A

The proportion of revenue left over from the sale of a good or service after a business handled its expenses.

38
Q

SMART Goals:

A

Specific, Measurable, Attainable, Relevant, Time-Bound.

39
Q

Define’ Business Concept’:

A

A brief outline of the business’s idea, its main sell activities, and the features that will provide it with a competitive advantage.

40
Q

Competitive Advantage:

A

A business having qualities or startgies that provide it with an edge over its competitors.

41
Q

Intellectual Property (IP):

A

An original creation of the mind that can by legally owned.

42
Q

Trademark:

A

Legal rights over the name, symbols, color, and packaging.

43
Q

Patent:

A

Exclusive rights to the use of innovative devices, methods, or processes. These can expire and be sold.

44
Q

Copyright:

A

Protection over; writing, music, art, sound, films, and photographs.

45
Q

Domain Name:

A

Registered right to use a website address, cannot be copied once business is launched.

46
Q

Quantitive Data:

A

Is numerical data, such as figures and statistics.

47
Q

Qualitative Data:

A

Is non-numerical data, such as options or written survey responses.

48
Q

Initial Feasibility Study:

A

A researched evaluation of how viable a business concept is.

49
Q

Market Conditions:

A

The factors that influence a specific industry.

50
Q

Define ‘Operational Feasibility’:

A

Understanding the type of employees, equipment, technology, and resources needed.

51
Q

Commercial Feasibility:

A

Researching the initial cost (determining if the start-up can afford it), while also determining if the industry and customers will support the business.

52
Q

Technical Feasibility:

A

Examines the current skills of the business owner and their ability to meet the business goals.

53
Q

Legal Feasibility:

A

Understand the legal requirements for starting/running a business.

54
Q

Define ‘Economic Wellbeing’:

A

Reflected by the level of income, consumption, and wealth people or households have to support their material living standards.

55
Q

Define ‘Economy’:

A

An area or region that engages in the production, consumption, and distribution of goods and services.

56
Q

Define ‘Tax’:

A

A compulsory payment to the government, which is used to finance the provision of public goods and services.

57
Q

Define ‘Infrastructure’:

A

The essential facilities and structures that are required for an economy to operate.

58
Q

Economic Growth:

A

When the total value of goods and services produced by an economy increases over a period of time. This can be measured by ‘gross domestic product’ (GDP).

59
Q

Gross Domestic Product (GDP):

A

The market value of all final goods and services produced within a country in a period of time.

60
Q

Material Living Standards:

A

The level of wealth and comfort an individual has from their use of tangible goods and services.

61
Q

International Trade:

A

The exchange of goods and services between different countries.

62
Q

Social Wellbeing:

A

A measure of the quality of life individuals have, reflected by their non-material living standards.

63
Q

Define ‘Exporting’:

A

Selling a product to a customer in another country.

64
Q

Define ‘Importing’:

A

Purchasing products from another country.

65
Q

Non-living Materials:

A

Living standards are non-physical factors that influence the quality of life experienced by individuals.

66
Q

Tax Offset:

A

A direct reduction in the amount of tax that must be paid by a business to the Australian Tax Office (AOT).

67
Q

Council Grant:

A

A one-off financial payment from a local council to a business, which does not need to be repaid, that aims to support business ideas and development.

68
Q

Start-Up Hubs:

A

Physical spaces that individuals and businesses can utilize in order to have office facilities to work in or to obtain support regarding business matters.

69
Q

Subsidy:

A

A financial payment provided by the government to an individual or business generally to promote a specific behavior.

Business (7 decks)

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