Characteristics Flashcards
manager
a person who has responsibiilty overseeing the operations of the business to ensure that is sucessfully achieves its goals
characteristics of a business manager
communication skills, determination, knowledge, strong ethics and flexibilty
entrepreneurs tend to have
a shared vision, innovation & enterprise and initiative
shared vision
a clear understanding or hope of what the business will be like in the future
initative
taking the first step in s series of actions in a process
innovation and enterprise
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
characteristics of an entrepreneur
willingness to take calculated risks, strong networking ability, determination, innovated qualities and resourcefulness
business opportunity
a set of circumstances that presents itself as an avenue to success
examples of business opportunities
innovation and entreprenurship, recognisiing and taking advantage of market opportunities, changing customer needs, research and development, technological development and global markets
innovation
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.
markets
Markets — the places where buyers and sellers interact to trade goods and services — are always changing
market opportunity
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.
examples of market opportunities
changing demographics, changing societal attitudes and norms, changing laws and regulations and advancements in technology
chaging customer needs
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.
examples of changing customer needs
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
examples of the needs of customers
convienence, technology, trends and ethical behaviour
what is research and developemt
a set of activities undertaken to improve existing iproducts and production processes
how does r and d make a buusiness oppotunity
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
what is technological development
the applications of knowledge that have changed peoples lives and the way in which bsinesses operate
how does technological development provide a business opportunity
allows for ideas and info to be transmitted rapidly to an ever increasing number of people across borders, improved productivity and production ccosts also
how do global markets provide a business opportunity
opportunity to grow and further expand, reduced dependence on local markets, extended product life cycle and reduced effects of market fluctuations
