U1 AOS1/KK2: Sources of business motivation Flashcards
Financial independence
Able to support yourself without relying on other people or a job.
Personal independence
Able to make your own decisions eg. choose your own role, working hours, holidays
Make a profit
Benefit financially from capitalising on a business opportunity.
Fulfil a market and/or social need
Create a product to meet customer demand or improve on an existing product to better meet the needs of customers
List the 5 motivators
Financial independence, personal independence, make a profit, fulfil a market/social need.
T/f - All businesses need to make a profit.
True - all businesses need to make a profit regardless of the intentions of their owner, this ensures they remain viable.
A business operating to support a social need usually impacts either…
The community (local or remote) or the environment