Business Management Flashcards
What is entrepreneurship?
Entrepreneurship is generally considered to refer to the process whereby a person creates and operates a new business, usually in response to opportunities, while taking on the risk of the venture in the hope of making a profit.
What is a feasibility study?
List sources of business opportunity
- Innovation
- Recognising and taking advantage of market opportunities.
- Changing customer needs
- Research and development
- Technological development
- Global markets
What is innovation?
Innovation refers to the process of creating a new or significantly improved good, service or process (way of doing something).
What are the characteristics of successful entrepreneurs?
- A shared vision
- Initiative
- Innovation and enterprise
What is market research?
What is the relationship between business opportunities and business concept development?
What is the importance of goal setting and decision-making in business?
What is the contribution that businesses make to the economic and social wellbeing of a nation?
What is the importance of business concept development?
What are personal motivations behind starting a business?
- Desire for financial independence
- Desire for personal independence
- To make a profit
- To fulfil a market need
- To fulfil a social need
List methods by which a culture of business innovation and entrepreneurship may be fostered in a nation
- Government investment in research and development
- Council grants for new businesses
- School-based educational programs in entrepreneurship
- Creation of regional business start-up hubs
What is the relationship between the internal environment and the external environment of a business?
List the different types of businesses
- Sole trader
- Partnership
- Private limited company
- Public listed company
- Social enterprises
- Government business enterprises
What is a sole trader?
What is a partnership?
What is a private limited company?
What is a public listed company?
What is a social enterprise?
What is a government business enterprise?
List types of business models
- Online business
- Direct-to-consumer business
- Franchise
- Bricks-and-mortar business
- Importer and exporter
What is an online business?
What is a direct-to-consumer business?
What is a franchise?
What is a bricks-and-mortar business?
What is an importer and exporter business?
What are the benefits of purchasing an existing business compared with starting a new business?
What are the costs of purchasing an existing business compared with starting a new business?
What are natural resources?
What are labour resources?
What are capital resources?
List business locations
List sources of finance
List business support services
- Legal
- Financial
- Technical
- Community-based
- Formal and informal networks
- Business mentors
What is a business plan?
What are the benefits of using a business plan?
What is corporate social responsibility?
What are macro factors affecting business planning?
List key legal and government regulations that affect businesses in the planning stage.
What are societal attitudes and behaviour?
List economic conditions.
- Interest rates
- Employment levels
- Tax rates
- Levels of consumer confidence
What are some technical considerations?
List global considerations.
- Overseas competitors
- Overseas markets
- Offshoring of labour
- Exchange rates
- Patenting
- Copyrights
- Trademarks
- Online sales
What are some corporate social responsibility considerations?
What are some operating factors that affect business planning?
What are customer needs and expectations?
What is competitor’s behaviour?
What are special interest groups?
List special interest groups.
- Environmental lobby groups
- Business associations
- Unions
