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Rev cards in general > Business Exam Rev > Flashcards

Business Exam Rev Flashcards

78%

1
Q

Explain the characteristic of a successful business entrepreneur

A

Having a vision, ability to spot opportunities and have a clear goal as how to achieve it

Ambition - Being ambitious is required to achieve long-term goals

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2
Q

Official Corporate Culture

A

Official corporate culture is that which the company wants to achieve and is written down in policies and mission statements.

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3
Q

3 motivations behind starting a business

A
  1. Desire for independence
  2. Freedom to innovate and problem solve without permission
  3. Potential wealth and financial independence
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4
Q

List and explain skills a business owner should have?

A

Communication - Effective written and verbal communication skills will help you build good working relationships.

Problem-solving - Be able to solve problems when they come

Time management - Be able to manage time efficently

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5
Q

Vision statement

A

The desired image of what you want your business to become in the future

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6
Q

Market Research

A

Collecting vital info about the target audience, market, and competition

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7
Q

Goal - Setting

A

Setting a predetermined target that a business or individual plans to achieve in a set period of time

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8
Q

Feasibility study

A

An assessment of the practicality of a proposed plan or project

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9
Q

Entrepreneurship

A

the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

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10
Q

Corporate culture

A

a set of beliefs and behaviors that guide how a company’s management and employees interact and handle external business transactions.

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11
Q

Mission statement

A

A concise explanation of an organisations reason for existence and purpose + intentions

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12
Q

List and describe sources of business opportunity

A

Innovation - new or improved products, or methods of doing things

Gap in the market - a group of customers whose needs are not currently being met.

Technology - Technology helps increase the efficiency of systems, products and services.

Global Markets - where goods, services, and labor are exchanged throughout the entire world.

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13
Q

Real corporate Culture

A

What actually happens in the workplace, is not always to policy an procedures

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14
Q

Innovation

A

Coming up with new ways to do things or new products

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15
Q

Entrepreneur

A

An individual who creates a new business, bears most of the risk but enjoys all the reward

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16
Q

Objective

A

Measurable targets that are set in the pursuit of reaching our goals

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17
Q

Social Enterprise

A

A business that distributes its profits to benefit the community (or an environmental issue)

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18
Q

Where do market opportunities come from?

A
  1. Changes in demographics - e.g increase in young family members - child care and kindergarten
  2. Changes in legislation - changes in law - lead to greater demands on related goods and services
  3. Turning a hobby into a business - from going to the gym to a personal trainer to a gym owner
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19
Q

What is research and development important for?

A

Creating new products or finding new applications for existing products

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20
Q

How are decisions made before settings goals?

A
  1. Identify the broad outcome - What do I want?
  2. Gather information to inform the decision - what do I know? / Need to know?
  3. Identify Alts - This could lead to A-B-C?
  4. Weigh the evidence - which pathway has the best results in getting what I want?
  5. Make a choice from the alts
  6. Put it into action
  7. Monitor/evaluate - How did it go? / Any improvements?
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21
Q

Value statement

A

A statement on what the business sees as its priorities and principles often reflected in the organisational culture

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22
Q

Objectives are S.M.A.R.T
Define S.M.A.R.T

A

S - Specific - contained to a topic
M - Measurable - can be assessed against a target
A - Attainable - Within the capabilities of the person
R - Realistic/Relevant - Can be met
T - Timely -Start and End point

23
Q

Levels of Objectives

A

Strategic - Long term, up to 5 years

Tactical - 1-2 years

Frontline - Now - actions to meet current objectives

Personal - your role in meeting the organisational objectives - your contribution

24
Q

Concept development (list and explain)

A
  1. The business concept - the idea/product
  2. Market research - Customer –> Competition –> Demand
  3. Refine concept - what we found out and it’s impact on the concept
  4. Feasibility study - Will it be successful? / Driving vs Restraining forces
  5. Business plan - How we are going to put the concept into action
25
Q

What is S.W.O.T analysis?

A

S - Strength - in the business e.g: workers
W - Weakness - in the business E.g: funds
O - Opportunities - outside the business E.g: loyal customers
T - Threats - outside the business E.g: competitors

26
Q

Intellectual property

A

The rights over the creations of mind or design or application or invention

27
Q

Types of intellectual property include

A

Patent: granted for exclusive exploitation of any device, substance, method, or process that is
new, inventive or useful

Trademark: a right granted for exclusive exploitation of numbers, letters, words, phrases, sounds, smells, shapes, logos, pictures, an aspect
of packaging, or a combination of these

Design: features of shape, configuration, a pattern or ornamentation that make a product
unique

Copyright: original expression of ideas (not the ideas themselves); for example, in art, songs, literature, films, computer programs, articles and
photos

Trade secrets/confidentiality: intended to stop employees from releasing your ideas to others; for example, a secret recipe.

28
Q

Economic Contribution

A

Business or industrial events that add value to the performance of countries

29
Q

TAX collected from workers is called:

A

P.A.Y.E - Pay As You Earn

30
Q

Infrastructure

A

Def - The utilities needed to allow business to function

Provision of infrastructure by governments to support business growth

31
Q

Types of entrepreneurial support

A
  1. Research and Dev grants - gov gives funds to investigate new or improved approaches to deal with issues
  2. Local Council grants - local govs give funds to solve local issues
  3. Business Hubs - Space where businesses come together and share facilities to establish their business , They share cost, ideas, employees over the site
  4. School based educational programs
32
Q

3 main business environments

A
  1. Internal - concerns all business activities the organisation is in control of: culture, policies/procedures, employees, production. All these groups have a vested interest and are internal stakeholders, the internal environment has 100% control over it’s stakeholders
  2. Operating - concerns all business activities the organisation has direct links to that are external business BUT we may be able to influence: Customers, Suppliers Competitors, Interest groups
  3. Macro environment - concerns all business activities that is imposed on the organisation. The business has no control on actions that take place in the macro environment, must accommodate the issues e.g: Tech, Societies attitudes, Economic conditions
33
Q

Business Legal Structures

A
  1. Sole trader
  2. Partnership
  3. Priv company
  4. Public comp
34
Q

Sole Trader

A
  • Simplest form of Business structure
  • Owner makes all business decisions
  • Most affordable
  • Keeps all business profit/loss
  • Liable to meet all business financial obligations
35
Q

Unlimited Liability

A

Your personal assets can be taken and used to pay off business debts

36
Q

Partnership

A
  • Partnership between 2-20 people that come together to operate a business
  • Legally governed by a formal partnership agreement
37
Q

Private comp

A
  • Can have between 1-50 stakeholders
  • Recognised by Pty Ltd (Proprietory Limited)after it’s name
  • Can sue, Can be sued
38
Q

Public comp

A
  • Open number of shareholders
  • Have Ltd(limited) after it’s name
  • They have lower tax rate then sole traders
39
Q

Other types of Business Models

A

Social Enterprise
Gov Business Enterprise

40
Q

Social enterprise

A
  • Set up to help others or support a cause
  • in business to make profit used to help the issue they support
41
Q

Gov Business Enterprise

A
  • Where Gov runs a business e.g: Aus post
  • Ran to make profit
  • Shareholder is the gov
  • All profit goes to gov
42
Q

Types of Online Business Models

A
  1. Direct selling of products to consumers
  2. Advertising Model
  3. Affiliate Model
  4. Brokerage Model
  5. Subscription Model
  6. Info Model
  7. Community Model
43
Q

Bricks and Mortar

A
  • The building functions as the business site
  • Face-to-face interactions with customers
44
Q

Franchise

A

The business

45
Q

Franchisor

A

Business owner selling system to others

46
Q

Franchisee

A

Person who has paid to use the business system

47
Q

Economic Main Resources

A
  1. Land, Natural Resources
  2. labour
  3. Capital - The equipment needed to construct the product being made
48
Q

CSR

A

When a business operates above and beyond its legal requirement in undertaking business activities (operations)

49
Q

Corporate Social Responsibility falls in 3 areas

A

S - Socially
E - Environmentally
E - Economically

50
Q

Socially

A

Not lying or making false claims on products/services

51
Q

Environmentally

A
  • Uses renewable resources
  • Low pollution
  • sustainable
  • minimise waste
52
Q

Economically

A
  • Fair wage/pay
  • not exploiting workers
  • paying fair price for inputs
  • considering local suppliers before overseas suppliers
53
Q

Operating Environment Stakeholders

A
  1. Customers
  2. Suppliers
  3. Special interest groups
  4. Competitors

Rev cards in general (6 decks)

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