outcome 2 Flashcards
motivation behind small business
-how would you start:
market research, seek financial assistance, loan
-what knowledge and skills:
organisation, time management, leadership
-why:
desire for independence, make a profit, fill gap in market
market research
process of systematically gathering, recording and analyzing specific information concerning a specific market
- identify
- gather
- analyse
business concept development
- listening to people
- visiting exibitions
innovation
-when you recreate or add to an existing product
inventing
when you create a new product
entrepreneurship
ability and willingness to start, operate and take a risk on a business venture
forms of a business
-incorporated:
separate legal entity from owner (private and public)
-unincorporated:
business has it’s own separate legal existence (sole trader and partnership)
business support services
- solicitors
- accountant
- bank managers
evaluation
-effectiveness:
the degree to which a business achieved
-efficiency:
how “well”you complete a task
