Characteristics

Question 1

manager

Answer 1

a person who has responsibiilty overseeing the operations of the business to ensure that is sucessfully achieves its goals

Question 2

characteristics of a business manager

Answer 2

communication skills, determination, knowledge, strong ethics and flexibilty

Question 3

entrepreneurs tend to have

Answer 3

a shared vision, innovation & enterprise and initiative

Question 4

shared vision

Answer 4

a clear understanding or hope of what the business will be like in the future

Question 5

initative

Answer 5

taking the first step in s series of actions in a process

Question 6

innovation and enterprise

Answer 6

innovation is either adding a new product line or significantly improving an existing product/process enterprise is the effort made by someone to creatively or bolding achieve something new

Question 7

characteristics of an entrepreneur

Answer 7

willingness to take calculated risks, strong networking ability, determination, innovated qualities and resourcefulness

Question 8

business opportunity

Answer 8

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

Question 9

examples of business opportunities

Answer 9

innovation and entreprenurship, recognisiing and taking advantage of market opportunities, changing customer needs, research and development, technological development and global markets

Question 10

innovation

Answer 10

Ideas for new products, or development of and improvements to existing products, will often provide the opportunity for the establishment of a new business. One key characteristic of all innovations is that they provide new solutions to existing problems.

Question 11

markets

Answer 11

Markets — the places where buyers and sellers interact to trade goods and services — are always changing

Question 12

market opportunity

Answer 12

A market opportunity is a need or want that is not currently being met by any business. Market opportunities may be created when there are changes in the business environment that cause a gap in the market.

Question 13

examples of market opportunities

Answer 13

changing demographics, changing societal attitudes and norms, changing laws and regulations and advancements in technology

Question 14

chaging customer needs

Answer 14

are the transitions in the desires of consumers. For a business to operate successfully, it must sell goods or services that continually meet society’s changing needs.

Question 15

examples of changing customer needs

Answer 15

changing incomes, changing tastes and fashions, changing prices of complementary and substitute goods/services, chaging population, changing expectations about the market and changes in the number of potential customers

Question 16

examples of the needs of customers

Answer 16

convienence, technology, trends and ethical behaviour

Question 17

what is research and developemt

Answer 17

a set of activities undertaken to improve existing iproducts and production processes

Question 18

how does r and d make a buusiness oppotunity

Answer 18

allow for a person to develop new products in response to the actions of competitors or to improve existing products that become superior,, also leads to technological development

Question 19

what is technological development

Answer 19

the applications of knowledge that have changed peoples lives and the way in which bsinesses operate

Question 20

how does technological development provide a business opportunity

Answer 20

allows for ideas and info to be transmitted rapidly to an ever increasing number of people across borders, improved productivity and production ccosts also

Question 21

how do global markets provide a business opportunity

Answer 21

opportunity to grow and further expand, reduced dependence on local markets, extended product life cycle and reduced effects of market fluctuations