U1, AOS 1 (Entrepreneurship) Flashcards
Social goals
- community service
- employment
- social justice
- ecological sustainability
3 types of goals
1 financial goals
2. social goals
3. personal goals
one idea relating to entrepreneurship, and explain
seeking growth
- explore/expand business (opening stores in aus or overseas, buying out competitors, hiring employees, expand product range
- expand profit
decisions made by business owners
- product design
- prices
- operations (in store/online)
- who and how many ppl they employ
What’s the T stand for in S.M.A.R.T goals, and meaning
- Timebound
- deadline/time limit
What’s the A stand for in S.M.A.R.T goals, and meaning
- Attainable
- challenging but realistic
Tech development
Tech always/constantly advancing
Global makrkets
- importing/exporting
- selling to other countries
Acronym for ‘goals’
- S.M.A.R.T goals
How do businesses contribute to social wellbeing, and explain
*Hint: acronym
ICCS
- Innovation
- Career > idea of purpose, contributing
- Csr (corporate social responsibility > above and beyond legal allegations for the benefit of employees, enviro, community, customers
- social wellbeing
how do businesses contribute economically, and explain
*Hint: acronym
TEEER
- Tax revenue > goes to good services benefiting community (eg: hospitals, schools)
- Employment > wage>ppl buy thing>supports businesses>sustains the economy
- Export earnings > exportation
- Economic growth > increase economy overtime
- R&D > research and development
R&D (research and development)
- activities for improvement or creation
- done by bigger businesses with lots of money
one idea relating to entrepreneurship, and explain
Pursuing business opportunities
- looking for opportunities constantly (eg: gaps in the market)
school based educational programs/subjects
- schools offer students programs/subjects (BM, economics, competitions) which encourage entrepreneurship
Decision making process and what it stand for
DOIAC
- Develop a goal
- outline the facts
- Identify alternative solutions
- Analyse the alternatives
- choose alternative and implement
define decision making process
series of steps one or more individuals take to determine the best option or course of action to address a specific problem/situation.
whats the M stand for in S.M.A.R.T goals and meaning
- measurable
- quantifiable, contains numbers
whats the S stand for in S.M.A.R.T goals and meaning
- specific
- clear and focused
one idea relating to entrepreneurship, and explain
innovation
- changing/improving > new ways of doing things/doing things that exist already
(processes or how a product works or looks; eg: apple’s (shop) innovative)
Methods for fostering innovation and entrepreneurship
- G’ment invesment in R&D
- council grants for new businesses
- school based educational programs/subjects
- regional business start up hubs
6 sources of business opportubnities
- innovation
- market opportunities (gap in market)
- changing customer needs
- tech development
- R&D (research & development)
- global markets
importance of goal setting when running a business
- goals provide directions
helps business; measure results, growth, achievements, downfalls - visualise the future and where it wants to be
- no goals: no purpose and nothing to aspire to (no aspirations)
desire for financial independence
- profit
eg: increased income
motivations behind starting a business
*list 4
- desire for personal independence
- desire for financial independence
- fulfil a market need
- fulfil a social need
fulfil a market need
- gap in the market (eg: product/service not existent at all OR products existent in overseas market but not here ‘locally’)
changing customer needs
- changing values in society (eg: sustainable, enviro focused, price conscious, educated, health conscious)
desire for personal independence
- personal independence (eg: choosing own hrs, being ur own boss, working from home)
2 ways businesses contribute to the nation
- economically
- social wellbeing
whats IP stand for and mean
intellectual property
- a business overners idea or concept
- PROTECT idea when developing a business concept
council grants for new businesses
- provide business grants/funding programs
whats R stand for in S.M.A.R.T goals and meaning
- relevant
- worthwhile, supports other goals, based on current market conditions)
personal goals
a goal for themselves (personal)
whats IFS stand for
Initial Feasibility Study
whats g’ment investment in R&D
g’ment helps with businesses with R&D through funding, grants and tax breaks
explain business opportunituies
- situations/circumstances that arise like; changing customer needs, market opportunities
- in which these circumstances offer a path to success
explain business concept development
an idea a potential business owner is willing to develop. (eg: making decisions about the product, how it will be sold..)
how is business concept development and business opportunities related/ connected
- a business opportunity need to ariose FIRST for a business concept to develop.
- dependent on potential business owners, own goals, motivation and willingness to take risk. (eg: teacher wouldn’t do hair dryer invention bc it’s not her goals as she is a teacher)
financial goals
- making a profit
- increase market share
- increase sales
- return on investment
expanding the business - improving business operations
characteristics of successful business manager & entrepreneurship (list 4 and explain)
- innovation: finding new ways of things/doing things (improvement)
- enterprising: willing to give something a go (risk taking)
- initiative: pursuing something without being prompt (persistence and determination)
- share vision: clear vision goal, direction of the business)
regional business start up hubs
- offers discounted space, advice, services and support to new businesses, helping them thrive
define entrepreneurship
person who creates and operates a new business in response to business opportunities, while taking on the risk in hope of making profit
what’s market research
- focus on the market
- collects data/info on the market (eg: surveys, interviews)
- determines how big the market is & what ur market is looking for
- helps understand customer base
market opportunites
gap in the market
(anything in the market similar of is it the first if its kind)
to fulfil a social need
- make world/community better place
- help out/support/solve environmental problems, employment, help/support community
innovation
new ways of things/doing things
explain IFS (initial feasibility study)
- focuses on how likely the business is to succeed
- asks questions of the potential business owner, eg: if it’s been tried before why did it fail/ why did it succeed?
- location, resources, opeterations, market assessment of business
OVERALL helps u decide, if it’s worth pursuing and how likely business is to succeed
