Business Management

Question 1

What is entrepreneurship?

Answer 1

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.

Question 2

What is a feasibility study?

Question 3

List sources of business opportunity

Answer 3

1. Innovation
2. Recognising and taking advantage of market opportunities.
3. Changing customer needs
4. Research and development
5. Technological development
6. Global markets

Question 4

What is innovation?

Answer 4

Innovation refers to the process of creating a new or significantly improved good, service or process (way of doing something).

Question 5

What are the characteristics of successful entrepreneurs?

Answer 5

1. A shared vision
2. Initiative
3. Innovation and enterprise

Question 6

What is market research?

Question 7

What is the relationship between business opportunities and business concept development?

Question 8

What is the importance of goal setting and decision-making in business?

Question 9

What is the contribution that businesses make to the economic and social wellbeing of a nation?

Question 10

What is the importance of business concept development?

Question 11

What are personal motivations behind starting a business?

Answer 11

1. Desire for financial independence
2. Desire for personal independence
3. To make a profit
4. To fulfil a market need
5. To fulfil a social need

Question 12

List methods by which a culture of business innovation and entrepreneurship may be fostered in a nation

Answer 12

1. Government investment in research and development
2. Council grants for new businesses
3. School-based educational programs in entrepreneurship
4. Creation of regional business start-up hubs

Question 13

What is the relationship between the internal environment and the external environment of a business?

Question 14

List the different types of businesses

Answer 14

1. Sole trader
2. Partnership
3. Private limited company
4. Public listed company
5. Social enterprises
6. Government business enterprises

Question 15

What is a sole trader?

Question 16

What is a partnership?

Question 17

What is a private limited company?

Question 18

What is a public listed company?

Question 19

What is a social enterprise?

Question 20

What is a government business enterprise?

Question 21

List types of business models

Answer 21

1. Online business
2. Direct-to-consumer business
3. Franchise
4. Bricks-and-mortar business
5. Importer and exporter

Question 22

What is an online business?

Question 23

What is a direct-to-consumer business?

Question 24

What is a franchise?

Question 25

What is a bricks-and-mortar business?

Question 26

What is an importer and exporter business?

Question 27

What are the benefits of purchasing an existing business compared with starting a new business?

Question 28

What are the costs of purchasing an existing business compared with starting a new business?

Question 29

What are natural resources?

Question 30

What are labour resources?

Question 31

What are capital resources?

Question 32

List business locations

Question 33

List sources of finance

Question 34

List business support services

Answer 34

1. Legal 2. Financial 3. Technical 4. Community-based 5. Formal and informal networks 6. Business mentors

Question 35

What is a business plan?

Question 36

What are the benefits of using a business plan?

Question 37

What is corporate social responsibility?

Question 38

What are macro factors affecting business planning?

Question 39

List key legal and government regulations that affect businesses in the planning stage.

Question 40

What are societal attitudes and behaviour?

Question 41

List economic conditions.

Answer 41

1. Interest rates 2. Employment levels 3. Tax rates 4. Levels of consumer confidence

Question 42

What are some technical considerations?

Question 43

List global considerations.

Answer 43

1. Overseas competitors 2. Overseas markets 3. Offshoring of labour 4. Exchange rates 5. Patenting 6. Copyrights 7. Trademarks 8. Online sales

Question 44

What are some corporate social responsibility considerations?

Question 45

What are some operating factors that affect business planning?

Question 46

What are customer needs and expectations?

Question 47

What is competitor's behaviour?

Question 48

What are special interest groups?

Question 49

List special interest groups.

Answer 49

1. Environmental lobby groups 2. Business associations 3. Unions