Resources

Question 1

What are resources?

Answer 1

A stock or supply of money, materials, staff and other assets that can be drawn on by a person.

Question 2

What are some required resources needed in a business?

Answer 2

Skilled employees, marketing and sales expertise, distribution channels and sources of supply

Question 3

What are patents?

Answer 3

Limited legal monopoly granted to an individual or firm to make, use and sell its invention.

Question 4

What are some internal resources?

Answer 4

Equity, family, friends

Question 5

What are some external resources?

Answer 5

Debt, leveraging, outsourcing, leasing and contract labour

Question 6

What is leveraging?

Answer 6

This is simply using something to maximum advantage. So it can be using borrowed capital to increase returns on investment.

Question 7

What is outsourcing?

Answer 7

A practice used by businesses to transfer portions of work to outside suppliers rather than completing it internally

Question 8

What is leasing?

Answer 8

A legal document outlining the terms under which one party agrees to rent property from another party

Question 9

Who are venture capitalist?

Answer 9

An investor who provide capital to startup ventures or support small companies that wish to expand

Question 10

What is the distinction between creativity and innovation?

Answer 10

Creativity is the process by which individuals or teams produce useful ideas while Innovation is the process by which entrepreneurs convert opportunities into marketable ideas