business sac unit 1 AOS 1

Question 1

entrepreneurial skills are.. DR LINC

Answer 1

acronym: DR LINC
- decision making skills
- risk taking skills
- leadership skills
- innovation skills
- networking skills
- communication skills

Question 2

personal independence is?

Answer 2

involves a person being in control of their own decisions and actions

Question 3

financial independence is?

Answer 3

is the ability to fund a desired lifestyle without relying on income from another individual

Question 4

how to make a profit

Answer 4

involves a business generating more revenue than expenses it incurred. the belief that the business will eventually make a large profit

Question 5

fulfilling a market need is?

Answer 5

is when a business fills a gap in the market by addressing customer needs that are currently unmet or underrepresented by competitors in the same industry

Question 6

fulfilling a social need is?

Answer 6

is improving society and the environment through business activities

Question 7

what are the 5 characteristics of a successful manager?

Answer 7

• manager
• communication skills
• determination
• knowledge
• strong ethics
• flexibility

Question 8

what is an entrepreneur?

Answer 8

an individual who starts up a business and takes risks associated in order to satisfy a need in the market and make a profit

Question 9

what is changing customer needs?

Answer 9

meeting changing customer needs before someone else does provide an opportunity for a business idea

Question 10

what is market opportunity?

Answer 10

markets are the places where buyers and sellers interact to trade goods and services. since markets are always changing, potential businesses owners may identify opportunities

Question 11

what is research and development?

Answer 11

individuals and businesses undertake r and d to expand thier knowledge of products and processes

Question 12

what are global markets?

Answer 12

global servies are exchanged between businesses and customers across the world. this can lead to new business ideas because potential business oweners can have acess to more customer sales

Question 13

what is business goals?

Answer 13

a business goal is what a business wants to achieve within a specific time fame

Question 14

what are SMART goals? S

Answer 14

Specific - business goals need to be clear and outline what the business needs to achieve

Question 15

what is a profit margin ?

Answer 15

the proportion of revenue left over from the scale of a good or service after a business has deducted expenses

Question 16

what is copyright?

Answer 16

the legal right of the owner of interllectual property eg. song, movie

Question 17

what is trademark?

Answer 17

a unique symbol or word used to represent a business or its products eg. slogan, logo

Question 18

what is patent?

Answer 18

a right granted for an invention that is new and useful

Question 19

what is market research?

Answer 19

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

Question 20

what is economic growth?

Answer 20

ccurs when an economy increases the monetary value

Question 21

What is a market feasibility?

Answer 21

market feasibility: used to develop an understanding of market conditions, determines if the business has potential

Question 22

what is a domain name?

Answer 22

register a name so no one else can register it. eg. nike ( name )

Question 23

what are SMART goals? M

Answer 23

Measurable - business goals need to be quantifiable so that the business can track progress

Question 24

what are SMART goals? A

Answer 24

Attainable - business goals need to be challenged by also possible

Question 25

what are SMART goals? T

Answer 25

Time bound - business goals need to have specific time frames to help accountable the business

Question 26

what is operational feasibility?

Answer 26

operational feasibility: means a goal can be completed without unreasonable difficulty, without compromising safety, employing unnecessary means, and/or incurring extreme costs to achieve an outcome.

Question 27

what is commercial feasibility?

Answer 27

commercial feasibility: 1. must be able to afford the cost of setting up the business. 2. needs to determine if the industry can support the business idea

Question 28

what is technical feasibility?

Answer 28

technical feasibility: the current skills of the individual starting the business and the ability to help the business achieve its aim

Question 29

business opportunity

Answer 29

an idea or a set of circumstances that make it possible to create or develop a profitable and sustainable business
eg. r&d, market opp, entreprenurship, chanigng customer needs

Question 30

SMART goals? R

Answer 30

Relevant - business goals need to be beneficial to the business