Unit 1 AOS 1 Flashcards
1
Q
What are the personal motivations for starting a business?
A
- financial independence
- personal independence
- to make a profit
- fulfil a market need
- fulfil a social need
2
Q
What are the sources of business opportunity?
A
- innovations
- taking advantage of market opportunities
- changing customer needs
- research and development
- technological development
- global markets
3
Q
What are the methods by which a culture of innovation & entrepreneurship may be fostered in a nation?
A
- government investment in research and development
- council grants
- school based educational programs in entrepreneurship
- creation of regional business start-up hubs
4
Q
What are the ways businesses contribute to economic wellbeing?
A
- providing employment
- generating tax revenue
- economic growth
- development of infrastructure
- international trade
- research and development
4
Q
What are the ways businesses contribute to social wellbeing?
A
- providing employment
- employee wellbeing programs
- environmentally friendly programs
5
Q
What does SMART stand for?
A
Specific
Measurable
Attainable
Relevant
Time-bound
6
Q
What are the characteristics of successful business managers?
A
- communication skills
- determination
- knowledge
- strong ethics
- flexibility
7
Q
What are the characteristics of successful entrepreneurs?
A
- willingness to take calculated risks
- strong networking abilities
- determination
- innovative qualities
- resourcefulness
- knowledge
8
Q
What are the entrepreneurial skills?
A
- risk-taking
- leadership
- communication
- innovation
- decision-making
- networking
