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Consumers > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

What is an entrepreneur?

A

A person who identifies a want or need in a community and creates a business opportunity from it

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2
Q

Factors to consider when identifying a business that will work for you.

A
  • Your time availability
  • Your financial position
  • Your own capabilities
  • Your personal interests
  • Is there a need for your product
  • Infrastructure, appliances, equipment needed
  • Your business skills
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3
Q

What is a profitable business

A

A business that generates earnings

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4
Q

What should be in your concept statement (Formulation of the idea) for your idea?

A
  • A description of the product
  • Explanation of the benefits
  • How it differs from other products
  • Info regarding sell; to who. where, how much
  • Order telephonically or online
  • Credibility of product
  • Packaging info
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5
Q

What does it mean to standardise a recipe

A

A carefully tested recipe used to ensure the end result is always the same.

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6
Q

How would you standardise a recipe? (Product Specification)

A
  • Use exact quantity of ingredients, cooking time and temp
  • Exact yield, portion size and quantity
  • Should be appealing and tasty
  • Write down the method in detail
  • End result must be exact same
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7
Q

Which human skills do you need in order to run a business?

A
  • Financial skills
  • People skills
  • Technical skills
  • Ability to motivate self and others
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8
Q

Workflow plan for a food product?

A
  • Storage Space - Prep area - Cooking area - Packing area - Storage before selling
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9
Q

What should be available in food product workplace?

A
  • Lighting
  • Ventilation
  • Correct surfaces
  • Fire safety
  • Utensils
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10
Q

What are the first, second and third areas for needlework?

A

First - Receiving and storing materials
Second - Cut items go to production area
Third - Packing Area

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11
Q

What should be available in needlework workplace?

A
  • Lighting (Focused lighting - affects quality)

- Ventilation (Stuffy room - spoils mood)

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12
Q

Workflow plan for needlework

A
  • Storage space - Cutting space - Sewing space - Packaging and labelling area - Storage be selling
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13
Q

Which factors are important for the availability of raw materials?

A
  • Maintaining a good relation with the supplier
  • Making sure fruit are in season
  • Buying good quality materials
  • Planting your own trees - more effort but cost effective
  • Easily available
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14
Q

How do you appeal to your customers?

A
  • Good value for money
  • Do not copy existing product (Be different but not too different)
  • Be trendy
  • Recipe/patterns standardised
  • Adjust packaging to customers needs
  • Deliver when needed
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15
Q

What does short-term planning involve?

A
  • Determining how many products will be available within a given time frame
  • Drafting a work plan
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16
Q

What is a work plan and what is another name for it?

A
  • A document consisting of the tasks that need to be done and the goals that need to be achieved
  • Implementation plan
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17
Q

What does long-term planning involve?

A
  • How often equipment should be serviced.
  • How and when will you improve production facilities
  • When you will be expanding your product line (Variations)
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18
Q

Benefits of adhering to product specifications?

A
  • Products will be high quality
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19
Q

What is quality a measure of?

A

A measure of excellence

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20
Q

What is a quality product free from?

A

Defects and signification variation - satisfies customer requirements

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21
Q

What is quality control?

A

A way of making sure the quality of a product is maintained

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22
Q

What are the four stages of quality control?

A
  • Quality of raw materials
  • Production process
  • Finished product
  • Packaging and labelling
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23
Q

How do you keep a workplace tidy?

A
  • Be organised
  • Keep workspace tidy/ free from clutter
  • Do not allow pets
  • Keep house pest-free
  • Minimise the risk of cross-contamination
  • Clean and sanitise kitchen regularly
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24
Q

What is cross-contamination?

A

Indirect bacterial contamination caused by infected raw food or non-food products

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25
Q

What is hygiene?

A

Conditions that serve to promote health and prevent illness

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26
Q

Guidelines to ensure hygiene in the workplace

A
  • Wear clean clothes
  • Wash hands
  • Cover a wound
  • Don’t chew gum/smoke/cough/sneeze around food
  • Pull hair away from face
  • Don’t wear jewellry
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27
Q

How should you ensure an adequate control of finances?

A
  • Know how to collect, keep track of, save or invest money wisely.
  • Have a sound bookkeeping foundation
  • Accurately record day to day sales
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28
Q

What should your record system include?

A
  • Income and expenses
  • bank statements
  • bank reconciliations
  • Insurance
  • Record of equipment
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29
Q

What is the aim of stock control?

A

To minimise the cost of storage

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30
Q

What is overstocking and what are the disadvantages of it?

A

Overstocking is having too much stock. Products may become damaged, obsolete or get stolen

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31
Q

What is stock-out and what are the disadvantages of it?

A

Stock-out is running out of stock. You may have to order more stuck which can cause a delay and damage the businesses reputation.

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32
Q

What is an effective way to keep track of your stock?

A

FIFO - first in, first out

33
Q

Give 3 ways to manage stock control of consumables.

A

Choose suppliers carefully, do not buy too much at a time, buy only what you will use immediately

34
Q

How to manage stock control of equipment?

A
  • Record in stock control book
  • Check regularly to detect broken and missing equipment
  • Keep storage areas or organised and tidy
  • Equipment kept clean
  • Spare part available
35
Q

What is a target market?

A

A group of people with common needs and interests

36
Q

How should food be packaged?

A

In a way that is informative and attractive (Visual representation)

37
Q

How to purchase raw materials properly?

A
  • Choose suppliers carefully
  • Supermarkets with a high turnover
  • JIT principle
  • Buy what you need
38
Q

What are the 4 types of dates on packaging?

A
  • sell-by date; Store has to remove product from shelves
  • Best before date; highest quality before date
  • Expiry date; last day food should be eaten
  • Packed-on date; Day of packaging
39
Q

Why should packaging be appealing?

A
  • It affects the customers willingness to buy
40
Q

What should be considered for packaging?

A
  • Cost of packaging
41
Q

What are the requirements for packaging materials?

A
  • Suitable size and shape for the protection of the product
  • Must protect from UV rays and dust
  • Must be kept clean, fresh and safe
  • Be convenient for distribution
  • Must be appealing and attractive
42
Q

How would you ensure proper storage procedures?

A
  • High level of cleanliness
  • Stored in desirable conditions
  • Minimise food being handled
  • Temperature control
  • Do not leave ingredients in car
43
Q

What is the danger zone?

A

Temperate range in which bacteria grows

44
Q

What is the HACCP?

A

Hazard Analysis Critical Control Points ; look at every stage of production and identify hazards

45
Q

What are the 7 safety procedures you should follow?

A
  • Protective clothing ; Prevent from contaminating food
  • Preparation ; Hands washed before handling food
  • Serving Food ; suitable containers & correct temps
  • Storage ; Cool foods promptly
  • Wrap all food before selling ; High-risk foods at safe temp
  • Selling - Wash hands after handling money
46
Q

6 things that should be on your labels?

A
  • Name of product
  • Weight
  • List of ingredients
  • Date of manufacture
  • List of allergens
  • Your address, name and contact information
47
Q

Name 5 strategies to manage time effectively

A
  • Prioritise tasks ; set performance target
  • Establish routines
  • Set time limits for each task
  • Stay organised and tidy
  • Do not postpone tasks
48
Q

How do you ensure good customer service?

A
  • Giving the customer what they need/want
  • Giving clear info on product
  • Dealing and resolving complaints immediately
  • Writing down enquiries or complaints for the future
  • Returning calls
49
Q

What does routine maintenance ensure?

A

It prevents unexpected breakdowns during production and ensures continuous flow

50
Q

Name 6 delivery strategies

A
  • Ensure the food is protected from contamination
  • Hazardous food kept cold or hot
  • Vehicle must be clean
  • Journey planned properly and kept short
  • Package food so it doesn’t get damaged
51
Q

What is sustainable production? (supply)

A

Production of goods to satisfy consumer needs without harming the environment (Manufacturing industry, transport, energy)

52
Q

What is sustainable consumption? (Demand)

A

Goods and services used to meet basic needs of consumers without harming the environment (Lifestyle)

53
Q

What is a carbon footprint and what is it a measure of?

A

Quantity of greenhouse gases left behind by an individual ; It is a measure of the impact our activities have on the environment

54
Q

What is the primary and secondary footprint?

A

PF - direct omissions of CO2

SF - Indirect omissions of CO2

55
Q

What is renewable energy?

A

Energy sources that can be used indefinitely without being used up

56
Q

What is non-renewable energy?

A

Limited supply of energy sources

57
Q

What are biodegradable products?

A

Can be broken down by micro-organisms and absorbed into the ecosystem

58
Q

What are the responsibilities of producers?

A
  • Stop making unnecessary goods
  • Process must have minimal effect on the environment
  • Reduce waste and use recycled materials
  • Reduce food waste
  • Use solar energy in shop
  • Manufacture eco-friendly products
  • Become environmentally friendly
59
Q

What are the responsibilities of consumers?

A
  • Reduce waste
  • Recycle
  • Transport
  • Buy wisely
  • Eat properly
  • Electricity and water usage
  • Eat properly
  • Leisure activities
  • General
60
Q

What is a green product

A

Energy saving product or system

61
Q

What do green products do?

A
  • Less impact on the environment
  • Made partly from recycled materials
  • Less impact on human health
  • Energy efficient
  • Less packaging
62
Q

What is a marketing strategy?

A

Plans businesses use to help guide them when marketing and selling a product

63
Q

What are the 5Ps?

A
  • Product
  • Place
  • People
  • Promotion
  • Pricing
64
Q

How can you identify a product?

A
  • Trade name; slogan
  • Image
  • Labels
  • Packaging
65
Q

What is sales promotion?

A

Increasing the awareness and visibility of a product

66
Q

What is advertising?

A

Any suitable method a business uses to inform the public about its product

67
Q

Give 5 objectives of advertising (GPECM)

A
  • Generating customer interest
  • Persuading customers to buy your product
  • Expanding the market to new customers
  • Creating awareness about the product
  • Maintaining sales
68
Q

Describe pricing strategies

A

A method businesses use to price their products

69
Q

What are the 4 basic approaches for pricing strategy? Explain.

A
  • Premium Pricing ; Pricing products above average price
  • Value-for-money pricing ; Standard product that will not be much higher or lower price than competitors
  • Undercut pricing ; Being cheapest in the market and generating high-turnover
  • Market skimming ; Setting a high price for a high-end/exclusive product
70
Q

Which factors determine pricing strategy?

A
  • New product;Low price as a promotional offer
  • Lower price in times of over-availibility
  • Increase prices when demand is high and supply is low
  • Keep prices in line with customers expectations
  • Change or revamp product if not doing well
71
Q

Things to consider for place

A
  • Place of production (Perishable foods)
  • Point of sale
  • Sell directly or make use of middleman (retailer)
  • Delivered when and where its wanted
72
Q

How can you evaluate a target market?

A
  • Wants and needs should be easily definable
  • Reachable by advertisement
  • Should be able to reach point of sale
  • Should be large enough to make a profit
  • Relatively stable to ensure sustainability of business
73
Q

Define a financial feasibility

A

A study of whether a business will be successful after taking into consideration the total costs and revenue

74
Q

What is a sustainable profitability?

A

A businesses ability to maintain a steady level of production and sales without exhausting available cash

75
Q

What are start-up needs? - Working from home and Renting

A

Home - Infrastructure; Appliances; Equipment; Facilities; Stock
Rent - Premises; Labour; Vehicle; Cash register

76
Q

What are the production costs for home + renting?

A

Home - Administrative costs, Material costs, Labour, Electricity, Delivery costs
Rent - Rent, Electricity and water, Administrative costs, Cleaning costs, Labour

77
Q

What is the mark-up?

A

The amount added to the cost price of goods to cover overheads and profit

78
Q

Formula for calculating mark-up?

A

% mark-up x actual cost/ 100

Consumers (5 decks)

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