business sac unit 1 AOS 1 Flashcards
entrepreneurial skills are.. DR LINC
acronym: DR LINC
- decision making skills
- risk taking skills
- leadership skills
- innovation skills
- networking skills
- communication skills
personal independence is?
involves a person being in control of their own decisions and actions
financial independence is?
is the ability to fund a desired lifestyle without relying on income from another individual
how to make a profit
involves a business generating more revenue than expenses it incurred. the belief that the business will eventually make a large profit
fulfilling a market need is?
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
fulfilling a social need is?
is improving society and the environment through business activities
what are the 5 characteristics of a successful manager?
- manager
- communication skills
- determination
- knowledge
- strong ethics
- flexibility
what is an entrepreneur?
an individual who starts up a business and takes risks associated in order to satisfy a need in the market and make a profit
what is changing customer needs?
meeting changing customer needs before someone else does provide an opportunity for a business idea
what is market opportunity?
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
what is research and development?
individuals and businesses undertake r and d to expand thier knowledge of products and processes
what are global markets?
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
what is business goals?
a business goal is what a business wants to achieve within a specific time fame
what are SMART goals? S
Specific - business goals need to be clear and outline what the business needs to achieve
what is a profit margin ?
the proportion of revenue left over from the scale of a good or service after a business has deducted expenses
what is copyright?
the legal right of the owner of interllectual property eg. song, movie
what is trademark?
a unique symbol or word used to represent a business or its products eg. slogan, logo
what is patent?
a right granted for an invention that is new and useful
what is market research?
a process of systematically collecting, recording and analyzing information concerning a specific market
what is economic growth?
ccurs when an economy increases the monetary value
What is a market feasibility?
market feasibility: used to develop an understanding of market conditions, determines if the business has potential
what is a domain name?
register a name so no one else can register it. eg. nike ( name )
what are SMART goals? M
Measurable - business goals need to be quantifiable so that the business can track progress
what are SMART goals? A
Attainable - business goals need to be challenged by also possible
what are SMART goals? T
Time bound - business goals need to have specific time frames to help accountable the business
what is operational feasibility?
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.
what is commercial feasibility?
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
what is technical feasibility?
technical feasibility: the current skills of the individual starting the business and the ability to help the business achieve its aim
business opportunity
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
SMART goals? R
Relevant - business goals need to be beneficial to the business
