Lesson 1 - Business Opportunities Flashcards
What is your understanding of a business motivation?
It is the reason why someone wanted to start a business.
Which is the odd one out?
The reason why someone starts a business is…
A) To make a profit
B) Financial independence
C) To not be bossed around
D) To fulfill a social need
C) To not be bossed around
Which is not a characteristic of innovation?
A) New efficient processes can save time, money and create less waste
B)helps business to adapt to the changing marketplace
C) gives a competitive advantage
D) is transforming into reality a new idea about a product or a service, or it could be a new way of doing things.
D) is transforming into reality a new idea about a product or a service, or it could be a new way of doing things.
True or False?
Is online banking an innovation of the internet?
True
What is the definition of Entrepreneurship?
Entrepreneurshiprefers to the concept of developing and managing a business venture to gain profit by taking several risks
True or False?
A gap in the market isa business opportunity.It’s when you’ve identified something that customers need, but it isn’t currently available.
True
Which is NOT a company that changes a companies need?
a) Hello fresh
b) Mcdonalds offering delivery
c) Self service petrol stations
d) Amazon parcel locker
c) Self Service petrol stations
What does CSR stand for?
Corporate Social Responsibility?
What is the difference between social need and fulfilling a market need?
When there is a gap in the market and a company sells that product, it is a market need. Social is benefiting the environment.
Which motivation applies?
Joanne calculated that her hard work had helped the business she was working for increase profits by 60% - however she only received a 2% pay rise this year.
To make a profit
True or False?
Tesla is an example of innovation.
True
