Business ( Unit 1 ) Flashcards
Define Entrepreneurship
the process of creating, developing, and managing a new business venture with the aim of generating profits or creating value.
5 characteristics that entrepreneurs are renowned for?
Risk-taking
Vision
Motivation
Discipline
Leadership
Entrepreneur
A person who is willing to size opportunities and start and operate a business, by taking risks in hoping to make a profit.
Manager
A person who has responsibility for overseeing the operations of the business to ensure that it successfully archive its goals
5 characteristics of a business manager
Communication skills
time management
decision making
leadership
emotional intelligence
Innovation
the process of bringing about new ideas, methods, products, services, or solutions that have a significant positive impact and value
goal
an idea of the future or desired result that a person or a group of people envision, plan, and commit to achieve.
efficiency
the ability to achieve an end goal with little to no waste, effort, or energy
Feasibility study
is an assessment of the practicality of the good or services and helps to determine whether or not there is a potential for success
Research & development (R&D )
A set of activities undertaken to improve existing products, create new products and improve production process.
Corporate social responsibility (CSR)
Going above and beyond legal responsibility to benefit the well being of employees , costumers community and or environment
Business opportunity
a situation where a person or organization identifies a need or demand in the market that can be met through a new business venture or expansion of an existing one
Market research
A process of systematically collecting, recording, and analysing information concerning a spacific market
Social need
The production and or selling of goods and services for the purpose of making the world( or the community ) a better place
Smart goals
Specific, Measurable, Achievable, Relevant, and Time-Bound
Describe 2 elements of smart goals
SPACIFIC- In order for a goal to be effective, it needs to be specific. A specific goal answers questions like:
What needs to be accomplished?
Who’s responsible for it?
What steps need to be taken to achieve it?
TIME BOUND- To properly measure success, you and your team need to be on the same page about when a goal has been reached. What’s your time horizon? When will the team start creating and implementing the tasks they’ve identified? When will they finish?
Business opportunities
Innovation
recognizing and taking advantage of market opportunities
changing customer needs
research and development
technological development
global markets
Motivation behind starting a business
Desire for independence
to make a profit
to fulfill a market need
to fulfill a social need
Business concept development
A business concept is developed by potential business owners after an idea has arisen from potential business opportunities.
how to conduct market research
Identifying- relevant info in the market
Gathering- relevant info from the appropriate sources
analysing and interpreting the info
how to conduct feasibility study
An assessment of the market
analysing the level and type of demand
a consideration of the operations - describing the product that is sold and resources needed.
Analysis of the commercial feasibility- is it financially viable?
Understanding of whether others have tried the idea before.
Contribution that businesses make to the economic of a nation?
Providing employment
contributing to taxation revenue
boosting economic growth
increasing export earnings
contribute to research & development
The contribution that businesses make to the social wellbeing of a nation?
Supporting career development
social wellbeing (sense of belonging to a community & making a contribution to society)
Innovation
corporate social responsibility( CSR )
Innovation & entrepreneurship and how this may be fostered in a nation
government investment in R & D
council grants for new business
business mentorships
school-based education programs
creation of regional start-up hubs
