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Question 1

ENTREPRENEURSHIP

Answer 1

Entrepreneurship is the activity or process of setting up a business taking on any financial risks involved in hopes of making a profit

Applied to any industry

Question 2

ENTREPRENEUR

Answer 2

Entreprenurs identify a unmet need in the market and sets up a business on a idea or innovation

Question 3

skills

Answer 3

Decision making, innovation, problem solving skills, communication, net working skills,

Question 4

FINANCIAL INDEPENDENCE

Answer 4

Control over your own money. Freedom to organising your own life. Having money to pay for things in life. Deciding your own income. Responsible for business and money to pay employees.

Question 5

PERSONAL INDEPENDENCE

Answer 5

Have full control over business. Day to day operation. Many frustrated that don’t have enough say. Many feel constrained. Greater control over your life style.

Question 6

profit

Answer 6

The amount of money you deduct your revenue from expenses.

Question 7

MARKET Gap

Answer 7

Consumers desire a particular product or service = gap in the market
Lookin for a market gap and Filling market need means being able to create a product or service that consumers want or need or demand

Question 8

SOCIAL NEED

Answer 8

Something in society that needs help of a business. Issues that exist within local or global community. Selling good and or services to financially contribute to a cause. Like donating to charity like homelessness.

Question 9

Characteristics and SKILLS OF ENTREPRENEURS

Answer 9

Creative, ambitious, management skills, calculated risk, innovation, determination, courageous, resilient, delegation

Question 10

BUSINESS SUCCESS

Answer 10

Assess business success through KPI = key performance indication
Net profit, percentage of market share number of sales

Question 11

SOURCE OF BUSINESS OPPORTUNITY

Answer 11

Innovation, market opportunities, changing customer needs, research and development, technological development, global market

Question 12

innovation

Answer 12

Listening to needs of customers and creates a practical solution for consumers by a product or service By improving a current product or create a new

Question 13

Market opportunities

Answer 13

Looking for gap in a particular market that don’t exist or is inadequate.
A product that is potentially wanted or needed that is not being supplied by other businesses
First identify it and produce a product that meets demands. Example is people wanting to shop online

Question 14

Changing customer needs

Answer 14

Needs and wants from consumers change over time. Changes caused by trends, conditions and technology. This means a business has to be able to adapt to the quick and changing market.

Question 15

Research and development

Answer 15

Investigate opportunities and develop products to meet customer needs

Aims to create new products, test it and sell it to consumers for profit and seek feed back. Process is expensive and carries risk for business.

Question 16

Technological development

Answer 16

Developing technology – allows innovative solutions
Harness technology to improve experience for customers. Can improve existing goods and services or create it.

Question 17

Global markets

Answer 17

due to range of factors, trading in other countries is easier now than ever
better communication, transport, goods and services
develop international influence

Question 18

Goal setting

Answer 18

Deciding what you want to achieve over a period of time
Provides clarity purpose and sense of direction for employees
Lack of goal will lead to confusion and decrease efficiency

Financial goals – money money, including sale, profit or revenue.
Social goals – contributing to ethical behaviour, environment

Smart goal – specific, measurable, attainable, realistic and time-bound

Question 19

Business concept development

Answer 19

Initial idea for a business used as a launchpad to create a product. Process of refinding, amplifiying and enhancing a basic idea of a product.

Process
Identify gap in the market.
Possibility of offering solution.

Question 20

Initial feasibility studies

Answer 20

MARKET RESEARCH – a form of survey research that gathers attitudes and opinions and behaviours of a consumer towards a existing product

INITIAL FEASIBILITY STUDY – to decide whether a idea is good enough to progress or further develop. To determine the likely success of a business concept.

Question 21

Business contribution to wellbeing of a nation

Answer 21

Economic wellbeing – state of country in terms of production and consumptions of goods and services
Employment opportunities
Tax revenue
Infrastructure
Economic growth
International trade
Social wellbeing

Question 22

GOVENRMENT

Answer 22

Provide financial support to encourage specific industry or business to undertake research and development

Council grants for new business.
Encourage innovation and entrepreruner in local community by providing financial support which helps establish costs and launch and money is not required to be paid back
School based education