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business sac 1 Flashcards

1
Q

entrepreneurship

A

the act of starting and opperating a new business in response to oppourtunities, assuming all the risk in the hope of making a profit

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2
Q

manager

A

a person who has responsibility for overseeing the operations of the business to ensure thay it successfully achieves its goals

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3
Q

entrepreneur

A

An entrepreneur is a person who undertakes a business venture and assumes the risk of its success or failure.

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4
Q

Describe the three key features of entrepreneurship

A

leadership
vision
decision making

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5
Q

The pursuit of business opportunities

A

a set of circumstances that presents itself as an avenue to success

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6
Q

Innovation

A

either creating a new good, service or process, or significantly improving an existing one

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7
Q

seeking growth

A

Entrepreneurs will have a vision about what they hope a business will be like in the future and will work hard to pursue this growth

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8
Q

Describe the key characteristics of managers and entrepreneurs and how they contribute to business success.

A

MANAGERS:
-Organizational skills:
-Decision-making abilities:
-Leadership qualities:

ENTREPRENUERS:
-Visionary mindset:
-Willingness to take risks:
-Persistence and resilience:

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9
Q

Explain the four key motivations for starting a business.

A

desire for independance
to make a profit
to fufill a market need
to fufill a social need

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10
Q

Describe the benefits and costs of owning a business.

A

Financial Independence:
Control and Autonomy:

Financial Risk:
Time Commitment:

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11
Q

business opportunity

A

a set of circumstances that presents itself as an avenue to success

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12
Q

research and development

A

a set of activities undertaken to improve existing products, create new products and improve production process

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13
Q

Identify and explain the six sources of business opportunity

A

Innovation
Entrepreneurship
Market opportunities
Changing customer needs
Research and development
Technological development
Global markets

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14
Q

goals

A

what a business expects to achieve over a set period of time

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15
Q

vision statement

A

describes where the business wants to be in the future (e.g 5 years from now)

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16
Q

mission statement

A

describes what the business does and how it will achieve its vision

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17
Q

decision-making

A

the ability to identify the options available and then choose a specific course of action from the alternatives

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18
Q

Explain the benefits and limitations of goal setting.

A

Benefits of Goal Setting:

Clarity and Focus: Goals provide direction and focus for employees and the organization, minimizing distractions and ensuring effective resource allocation.
Limitations of Goal Setting:

Rigidity and Tunnel Vision: Overly rigid goals can limit creativity and innovation, encouraging a short-term, task-oriented mindset that may overlook new opportunities.

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19
Q

Describe the concept of SMART goals

A

SPECIFIC- make your goal specific and narrow for more effective planing

MEASURABLE- make sure your goals and process are measurable

ACHIEVABLE-make sure you can reasonably accomplish your goal within a certain time frame

RELEVENT- your goal should align with your values and long-term objectives

TIME-BASED- set a realistic but ambitious end date to clarify task prioritization and increase motivation

20
Q

Identify and explain typical financial goals for a business

A
21
Q

Identify and explain typical social goals for a business

A
22
Q

Identify and explain typical personal goals for a business

A
23
Q

Describe the decision-making process.

A

the ability to indentify the options available and then choose a specific course of action from the alternatives

24
Q

business concept development

A
25
Q

trademark

A

this is a right granted over a letter, word, phrase, number, sound, small shape, logo, picture or aspect of packaging that a business will use ti represent its products and servies. A regestered trademark is legally enforcable and gives the businesss owner exclusive rights to use it for commercial purposes, licence it or sell it for the goods and services that it is regestered under.

26
Q

patent

A

this is a right granted for any device, substance, method or proccess that is new, inventive and useful. This is legally enforcable and gives the owner exclusive rights to use the invention for commercial purposes for the life of the patent.

27
Q

copyright

A

this is a free and automatic protection of original works, such as writing, music, art, films, sound recording, broadcasts and computer programs. although its not necessary in Australia, placing a copyright notice in a prominent place on any work can act as a reminder to competitors. It can also be a requirement in some countrys to establish copyright

28
Q

design rights

A

these are rights given to the owner to commercially use, licence or sell a design (the visual appearance of a product). A registered design could be for a logo, branding, packaging, new invention or new technology.

29
Q

domain name

A

A potential owner can register a domain name (the businesses unique address on the internet) so that nobody else can register it. It can be a good idea to do so even if there are no plans to build an actual website for some time. It will be abailabe if and when the business does launch a website

30
Q

Explain the different sources of new business concepts and explain how each could provide ideas for a new business.

A
31
Q

Recommend and justify appropriate methods for protecting IP in case study scenarios.

A

*create unique product:
-trademark
prevent others from using similar designs

*software company make something that helps with taxes:
-copyright
prohibits unauthorized reproduction, distribution, and modification of the software.

*biotech company has developed a novel drug formulation for treating a specific medical condition:
-patient
grants exclusive rights to the inventor to produce, use, and sell the invention for a limited period (typically 20 years)

32
Q

Describe the relationship between business opportunities and business concept development

A

A business concept is developed by a prospective business owner after an idea has arisen from an assesment of possible business oppourtunities.

33
Q

market research

A

a process of systematically collecting, recording and analysing information concerning a specific market

34
Q

feasibility study

A

an assesment of the practicality and potential for success of a proposed business idea

35
Q

Explain the purpose conducting market research and an initial feasibility study

A

to help create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets.

36
Q

Describe the steps in the market research process

A

a process of systematically collecting, recording and analysing information concerning a specific market

37
Q

Explain the scope of an initial feasibility study

A

an assesment of the practicality and potential for success of a proposed business idea

38
Q

economy

A

a system set up to determine what to produce, how to produce and whom production will be distributed

39
Q

economic growth

A

an increase in the real value of goods and services over a set period of time

40
Q

exports

A

goods or services sold by one country to individuals, businesses or governmens in another country with the aim of extending sales and market penetration

41
Q

balance of payments

A

a record of a countrys trade and financial transactions with the rest of the world

42
Q

corporate social responsibility. (CSR)

A

managing a business in such a way that the boarder social welfare of the community, including the employees, customers, suppliers and the environment, is taken into considerationn when making business decisions

43
Q

Explain the ways in which businesses contribute to the economy.

A

By providing goods and services, they stimulate consumer spending and drive demand. This, in turn, leads to an increase in economic output and the overall Gross Domestic Product (GDP) of a country.

44
Q

Explain the ways in which businesses contribute to the social well-being of the nation.

A

taxes payed from businesses end up paying for community improvements such as schools, green space, public transit, and health care.

45
Q

Explain each of the four ways in which innovation and entrepreneurship may be encouraged and nurtured in a nation.

A
46
Q

market need

A

the good or services that customers require that are not readily available

47
Q

social need

A

the production and/or selling of goods and services for the purpouse of making the world (or the community) a better place

business (5 decks)

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