Practice sac Buieness Management Unit 1 AOS 1 Part 22 Flashcards
Define the term ‘entrepreneurship’ (2 marks)
Entrepreneurship involves the process of creating new ideas, managing resources and setting up a business while taking on financial risks in the hope of potential earnings (or profit).
Outline one economic contributions that a business has towards makes to the wellbeing of a nation (2 marks)
One economic contribution that assists in the wellbeing of the nation is the provision of employment. Australian businesses make a significant contribution to employment levels. This helps to influence increased spending by raising the disposable income of those employed, and therefore demand for goods and services; thus stimulating the economy.
Outline another economic contribution that a business has towards the wellbeing of a nation. (2 marks)
Another economic contribution may include a business’ commitment to research and development. Due to their size, they can lead to new products and methods of production, which can have positive flow-on effects throughout the industry and economy. This can increase the efficiency of businesses and society as a whole with new and improved products which lift overall living standards.
Justify the significance to goal setting? (2 Marks)
Goal setting is important because it gives people a clear direction. When workers set goals, they know exactly what they are working towards. This helps employees stay focused, avoid distractions, and manage their time better. Without a clear goal, it’s easy for workers to lose track of what they want to achieve, making it harder to succeed.
Justify another significance of goal setting? (2 marks)
Another reason goal setting matters is that it keeps workers motivated. When they have a clear objective, they can measure their progress and see how far they have progressed and work alongside their managers to determine next steps to improve performance. Reaching small milestones and the potential acknowledgement from managers gives employees a sense of accomplishment, encouraging them to keep pushing forward. This motivation helps them stay on track, even when challenges arise.
