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Business Management 1/2 > U1AOS1 > Flashcards

U1AOS1 Flashcards

1
Q

What is a sole trader?

A

A sole trader is a self employed person who owns and runs the business as an individual.

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2
Q

What is a partnership?

A

A partnership is formed when between 2 and 20 people go into business together.

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3
Q

What is a private limited company?

A

Can be owned by up to 50 people. Managers are selected by a board.

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4
Q

What is a public listed company?

A

A public listed company is a company whose ownership is organised via shares of stock which are intended to be freely traded on a stock exchange.

A public listed company is an incorporated business structure that has an unlimited number of shareholders

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5
Q

What is a social enterprise?

A

Social enterprises are businesses that trade to intentionally tackle social problems, improve communities, provide people access to employment and training, or help the environment.

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6
Q

Define ‘Innovation’

A

Innovation is creating and implementing new ideas or significantly improving existing goods, services or a way of doing something.

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7
Q

Define ‘Market Opportunity’

A

A market opportunity is a need or want that is not currently being met by any business.

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8
Q

Define ‘Global Markets’

A

Areas across the world in which businesses trade goods and services.

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9
Q

Define ‘Research and Development’

A

Research and Development is activity directed towards discovering, creating, and introducing new products.

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10
Q

Define ‘Market Studies’

A

The process of investigating and analysing the activities and behaviours of customers and competitors.

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11
Q

Define ‘Entrepreneurship’

A

Entrepreneurship is taking a risk to develop, start and manage a profitable business.

Entrepreneurship requires an individual to invest their money, skills and time to launch and run a business in the pursuit of profit.

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12
Q

Define ‘Personal Independence’

A

Personal independence is being in control of your own decisions and actions.

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13
Q

Define ‘Financial Independence’

A

Financial independence is the ability to fund a desired lifestyle without relying on income from another individual.

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14
Q

Define ‘Profit’

A

Profit is the remaining amount of revenue left over after expenses have been deducted.

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15
Q

What is ‘fulfilling a market need’?

A

Fulfilling a market need is “producing a product that satisfies unmet needs”. Individuals can fulfil a market need by offering more of a good or service where there is customer demand, or creating a new product that customers want.

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16
Q

What is ‘fulfilling a social need’?

A

Fulfilling a social need is where a business helps address a common problem affecting society.

Examples of common issues businesses address include preserving the environment, aiding disadvantaged individuals and preventing homelessness.

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17
Q

Define ‘Social Enterprise’

A

A social enterprise is a business that aims to make a profit and improve the community or environment.

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18
Q

Define ‘Changing Customer Needs’

A

Changing customer needs are the transitions in the desires of consumers.

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19
Q

Define ‘Global Markets’

A

Global markets are areas across the world in which businesses trade goods and services.

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20
Q

Define ‘Technological Developments’

A

Technological developments are the invention and innovation of tools that solve problems and enhance processes.

21
Q

Define ‘Manager’

A

A manager is an individual who has the responsibility of overseeing and handling employees and day-to-day tasks to achieve business goals.

22
Q

Define ‘Business Concept’

A

A business concept is a brief outline of the business idea, its main selling activities and the features that will provide it with a competitive advantage.

23
Q

Define ‘Intellectual property’

A

Intellectual property (IP) is an original creation of the mind that can be legally owned.

24
Q

Define ‘Competitive advantage’

A

Competitive advantage is a business having qualities or strategies that provide it with an edge over its competitors.

25
Q

Define ‘Market Research’

A

Market research is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.

26
Q

Define ‘Qualitative Data’

A

Qualitative data is non numerical data. This can include information such as opinions or written survey responses.

27
Q

Define ‘Quantitative Data’

A

Quantitative data is numerical data, such as figures and statistics.

28
Q

Define ‘Initial Feasibility Study’

A

An initial feasibility study is a researched evaluation of how viable a business concept is.

29
Q

Define ‘Market Conditions’

A

Market conditions are the factors that make up and influence a specific industry.

30
Q

Define ‘Market Feasibility’

A

Helps determine if the business concept has the potential to be successful in the long term.

31
Q

Define ‘Operation Feasibility’

A

An individual will have to research what kind of employees they will require, what equipment is needed and if these resources are accessible

32
Q

Define ‘Commercial Feasibility’

A

Firstly, an individual must be able to afford the cost of setting up the business. Costs may include hiring the required employees and purchasing the necessary equipment to run business operations.

Secondly, the individual will need to determine if the industry is in the position to support the opening of this specific business idea. This research can involve examining market conditions and assessing the profitability of operating in the market.

33
Q

Define ‘Technical Feasibility’

A

Technical feasibility examines the current skills of the individual starting the business and their ability to help the business achieve its aim.

34
Q

Define ‘Legal Feasibility’

A

An individual will need to understand the legal regulations associated with starting their business and determine if it is possible to start a business while complying with applicable laws and legislation.

35
Q

Define ‘Business Goals’

A

Business goals are what a business wants to achieve within a specific time frame.

36
Q

Define ‘Business Strategies’

A

Business strategies are a series of actions that a business will implement to achieve its goals.

37
Q

Define ‘International Trade’

A

International trade is the exchange of goods and services between different countries.

38
Q

Define ‘Infrastructure’

A

Infrastructure is the essential facilities and structures that are required for an economy to operate.

39
Q

Define ‘Economic Growth’

A

Economic growth is when the total value of goods and services produced by an economy increases over a period of time. Economic growth can be measured by gross domestic product (GDP).

40
Q

Define ‘Taxation Revenue’

A

Taxation revenue is income for the government paid by either: businesses who make a profit, or individuals, as a percentage of their income. Businesses contribute to this income for the government as they are responsible for employing and paying individuals.

41
Q

Define ‘Employment Opportunities’

A

Employment opportunities are jobs which businesses create to employ people to produce goods or services.

42
Q

Define ‘Economic Wellbeing’

A

A concept indicated by various factors and determined by the financial stability and security of these factors.

43
Q

Define ‘Research and Development’ (1H)

A

Research and Development is a driver of the economic development of a nation. Research and Development contributes to the improvement of existing products, the development of new business processes, as well as the innovation of entirely new products. The outcomes of research and development allow businesses to meet the demands of customers, cut costs and improve the affordability of their products. Consequently, lower prices can help improve the standard of living in a nation as consumers can purchase more goods and services.

44
Q

Define ‘Social Wellbeing’

A

Social wellbeing is the non-material living standards of a nation. Businesses: provide individuals with a sense of purpose and lower financial stress, may improve the mental health of workers with wellbeing programs, and may also have environmentally friendly policies.

45
Q

Define ‘Government Investment in Research and Development’

A

Governments encourage businesses to conduct research and development by providing programs which make research and development more affordable.

46
Q

Define ‘Council Grants’

A

A council grant is a one-off financial payment from the council to a business to support business ideas and development. A council grant does not need to be repaid. Encourages innovation and small business.

47
Q

Define ‘Business Mentorship’

A

A business mentor is an experienced and knowledgeable business person who provides assistance and advice to another person.

48
Q

Define ‘School-based Entrepreneurship Programs’

A

Programs which help introduce students to the business world and develop their business knowledge and problem solving skills.

48
Q

Define ‘Regional Start-up Hubs’

A

A start-up hub is a space that individuals and businesses can go and use and can also obtain support regarding business matters.

Business Management 1/2 (7 decks)

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