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exam scope Flashcards

1
Q

definiton: entreprenuership

A

the act of starting and operating a new business in response to opportunities, assuming all the risk in the hope of making a profit

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2
Q

4 personal motivations behind starting a business

A

-the desire for financial and personal independence
-to make a profit
-to fufill a market need
-to fufill a social need

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3
Q

market need

A

Market need refers to the products that customers require that may not be available.

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4
Q

social need

A

the production or selling of goods and services for the purpose of making the world (or the community) a better place.

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5
Q

characteristics of successful business managers

A

-problem solving
-motivated
-leadership

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6
Q

characteristics of business entreprenuers

A

-risk taking
- initiative
-innovation

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7
Q

sources of business oppourtunity: innovation

A

the process of creating a new or significantly improved good, service or process (way of doing something).

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8
Q

sources of business oppourtunity: changing customer needs

A

*changing incomes
* changing tastes and fashions.

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9
Q

sources of business oppourtunity: technological development

A

refers to applications of knowledge that have changed people’s lives and changed the way in which businesses operate.

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9
Q

sources of business oppourtunity: research and development

A

the process of developing new products in response to the actions of competitors, or to improve existing products so that they become superior to those of competitors.

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10
Q

sources of business oppourtunity: global markets

A
  • the opportunity to grow and further expand a business
  • reduced dependence on local markets
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11
Q

goal setting importance

A

A business goal describes what a business expects to accomplish over a set period.

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12
Q

decision making importance

A

identifying available options and then choosing one course of action from the alternatives.

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13
Q

SMART goals

A

S- specific
M- measurable
A- attainable
R- relevent
T- time-bound

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14
Q

definition: market research

A

a process of collecting, recording and analysing information concerning a specific market

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15
Q

market research process

A

1: identify information needed
2: gathering relevant information
3: analysing and interpreting

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16
Q

initial feasibility studies

A

A feasibility study is an assessment of the business idea’s potential for success.

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17
Q

contribution a business makes to the economic wellbeing of a nation

A

employment and economic growth

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18
Q

contribution a business makes to the social wellbeing of a nation

A

providing jobs, social connections

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19
Q

internal environment of a business (micro environment)

A

Definition: factors over which the business has some degree of control.
EXAMPLES:
employees
managers
business location
sources of finance

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20
Q

external environment of a business

A

Definition: factors over which the business has little control. It may be further divided into two categories: operating and macro.
EXAMPLES:
customers
competitors
CSR
global issues

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21
Q

sole trader

A

a business owned and operated by one person

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22
Q

partnership

A

an unincorporated business structure with a minimum of 2 and a maximum of 20 owners

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23
Q

private limited company

A

an incorporated business with a minimum of 1 shareholder and a maximum of 50 non-employee shareholders

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24
Q

public listed company

A

an incorporated business with a minimum of one shareholder (and no maximum), and whose shares are openly traded on the Australian Securities Exchange

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25
Q

factors affecting the choice of business structure

A

Large businesses have more opportunities for equity capital than small businesses.
Most small businesses have to raise equity from private sources or by taking on a partner.

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26
Q

online business (advantage & disadvantage)

A

advantage: able to reach customers across the globe via the internet

disadvantage: customers are not able to physically see, touch or try an item
before purchasing it

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27
Q

direct-to-consumer business

A

Direct-to-consumer businesses sell their products directly to consumers without any intermediaries, such as retailers or wholesalers.

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28
Q

bricks-and-mortar business

A

the traditional business model that is based on a store with a physical presence, such as those located on shopping strips and in shopping centres

29
Q

franchise

A

when a business sells to others the rights to distribute its goods and use the business name

30
Q

importer and exporter

A

IMPORTS: goods and services that are produced overseas and sold to Australian consumers
EXPORTS: goods and services that are produced in Australia to be sold overseas

31
Q

Business resource needs (natural, labour and capital)

A

Natural: Used in the production of many types of goods such as crops, as well as services

Labour: Needed to produce particular goods and services

Capital: Used by businesses in the production of many goods and services

32
Q

Business locations and the factors affecting choice of location

A

Local government- zoning determines where some types of businesses can operate.

33
Q

Sources of finance available to establish a business and the factors affecting the type and source of finance chosen.

A

external sources of finance
short term:
-bank bills
-trade credit
long term:
-leasing
-bank loans
internal sources of finance
-self funding
-shares

34
Q

Business support services -legal

A

SOLICITOR: will often be required to draw up a legally binding partnership agreement.

35
Q

Business support services -financial

A

ACCOUNTANT: for a better understanding of the tax and financial costs associated with each structure as well as registering the business

36
Q

Business support services -technological

A

This service provides free practical advice on a range of topics, including establishing an online presence, e-commerce, social media and online marketing.

37
Q

Business support services -community based

A

the primary focus of these clubs is to provide business people with an opportunity to engage in community service projects, membership can put business owners in touch with other local businesspeople.

37
Q

Business support services -formal and informal networks

A

Local government:
Local councils offer advice on land zoning, assist with subsidised land and consider development applications.

Federal government: The federal government delivers assistance, programs and services that support businesses.

State government: the Department of Jobs, Precincts and Regions’ Business Victoria website provides entry and links to information and support on all aspects of starting and managing a business.

38
Q

Business support services -business mentors

A

can provide invaluable advice and strategies to the small business owner on a variety of issues.

39
Q

Macro environment

A

*CSR
*global issues
*economic conditions
*legal & gov regulations
*Societal attitudes and behaviours
*technological considerations

40
Q

SWOT analysis

A

S-strengths
W-weaknesses
O-oppourtunities
T-threats

S&W: internal assesment
O&T: external assesments

41
Q

Corporate social responsibility

A

managing a business in such a way that the boarder social welfare of the community, including the employees, customers, suppliers and the environment, is taken into considerationn when making business decisions

42
Q

macro environment that affects business planing

A

*CSR
*global issues
*economic conditions
*legal and gov regulations
*sociatal attitudes and behaviours
*technological considerations

43
Q

operating environment that affects business planing

A

*suppliers
*competitors
*customers
*special interest groups

44
Q

federal gov obligations

A
  • payment of taxes for employees (earning above the minimum taxable income level) and for businesses with company tax and GST
  • provision of employee superannuation
  • observance of customs regulations
  • abiding by relevant legislation that would affect business operations.
45
Q

state gov obligations

A
  • provision of employee entitlements, including workers compensation, work health and safety (WHS) requirements, award rates of pay and entitlements
  • payment of payroll taxes
  • abiding by relevant state legislation (e.g. health, trade practices, employment)
  • abiding by pollution controls.
46
Q

local gov

A
  • approving new development and alteration (to an existing building) applications
    *fire regulations
  • parking regulations (e.g. provision of
    parking by new businesses)
  • size, location and shape of business
    signs.
47
Q

Societal attitudes and behaviours values & beliefs

A

Values and beliefs refer to the shared principles and morals of a group of people or society ideals about what is good or bad and necessary or unnecessary

48
Q

Economic conditions -interst rates

A

the price charged or paid for the use of money that has been deposited or borrowed

49
Q

Economic conditions -employment levels

A

During an expansion, employment levels will typically rise while unemployment levels will fall.
During an economic contraction, employment levels will fall and unemployment levels will rise.

50
Q

Economic conditions -tax rates

A

A tax rate is the percentage of income or value of a good, service or asset paid as tax.

51
Q

Economic conditions -levels of consumer confidence

A

how businesses and customers are feeling about the economy.

consumer confidence high= optomistic to maintain employment and about financial situation, will spend

consumer confidence low= unsure about maintaining employment struggling financially, wont spend

52
Q

Technological considerations- how businesses adapt to developments in technology

A

*machinery
*online shops to reach bigger market
*self checkout

53
Q

Global considerations -overseas competitors

A

Most businesses may need to contend with competitors for who many be able to gain a competitive advantage due to issues such as cheaper malfacturing costs.

54
Q

Global considerations -overseas markets

A

By selling goods overseas, this creates oppourtunities for a greater number of potential customers.

54
Q

Global considerations -patenting

A

A patent is an exclusive right granted for any device, substance, method or process that is new, inventive and useful. This is legally enforceable and gives the owner exclusive rights to use the invention for commercial purposes for the life of the patent.

54
Q

Global considerations -exchange rates

A

the price of one country’s currency expressed in terms of another country’s currency

55
Q

Global considerations - offshoring of labour

A

Means more roduction overseas

*staff most expensive part of business
*labour cheaper overseas
*plan for employment laws, cost increases in transport, local disasters, political unrest

56
Q

Global considerations -copyrights

A

*free and automatic protection of original works, such as writing, music, art, films, sound recording, broadcasts and computer programs.

*not necessary in Australia, but placing a copyright notice in a prominent place on any work can act as a reminder to competitors.

*can be a requirement in some countrys to establish copyright

57
Q

Global considerations -trademarks

A

*right granted over a letter, word, phrase, number, sound, small shape, logo, picture or aspect of packaging that a business will use to represent its products and servies.

*A regestered trademark is legally enforcable and gives the businesss owner exclusive rights to use it for commercial purposes, licence it or sell it for the goods and services that it is regestered under.

58
Q

Global considerations -online sales

A

*long-term costs will be reduced, business is not required to pay for premises and expenses such as electricity and water.

*the business will reach a wider market

59
Q

Corporate social responsibility considerations- environmental considerations

A

Ensure that the business’s production process will not have a serious or negative impact on the environment.

60
Q

Corporate social responsibility considerations-planning for socially responsible production of goods and services

A

ensure that the production process does not have serious or negative impacts on community health and social conditions.

-purchase materials from local suppliers (supporting community through employment)

61
Q

Suppliers of business resources and considerations- supply chain

A

the range of suppliers from which the
business purchases materials and resources

**include where resources are sourced and how they reach the business

62
Q

Suppliers of business resources and considerations- special interest groups (environmental lobby groups)

A

special interest groups that promote environmental issues to the public, government and businesses

63
Q

Suppliers of business resources and considerations- special interest groups (business associations)

A

organisations that support businesses through the provision of training and education programs, advice and information

64
Q

Suppliers of business resources and considerations- special interest groups (unions)

A

organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and working conditions

65
Q

Societal attitudes and behaviours- trends

A

A trend is the general direction in which people’s attitudes or behaviour in society is developing or changing.

66
Q

technological considerations

A

methods, systems and devices that are the result of scientific knowledge being used for practical purposes

67
Q

special interest groups

A

the groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures

business (5 decks)

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