Unit 1 AOS 1 Key Terms Flashcards
Entrepreneurship
The act of starting and operating a new business in response to opportunities assuming all the risk in hope of making a profit.
Innovation
creating a new good, service or process, or significantly improving an existing one.
Entrepreneur
An individual who is willing to seize opportunities to start and operate a business and is prepared to take risks in the hope of making a profit.
business manager
a person who has responsibility for overseeing the operations of the business to ensure that it successfully achieves its goals.
Market research
The process of systematically collecting, recording and analysing information concerning a specific market.
Outline one market research step
A potential step in the market research process is identifying the information required about the potential for a business. An example supporting this would be opening a pet care business and identifying the information of pet numbers in a certain area.
Feasibility Study
An Assessment of the practicality and potential for success of a proposed business idea.
Outline one way a business owner can conduct a feasibility study such as assessment of the market
An Assessment of the market- Which involves analysing the level and type of demand for the new or improved product, who and where potential customers are and why they will buy they but the product, who are the present and potential competitors are and their strengths and weaknesses and what’s the business competitive advantage
Explain one process of a personal motivation for running a business
‘Financial and personal independence’ which allows individuals to take full control and responsibility over their incomes and work-life in their personal business opposed to working for a company or Corportation.
Outline one method of protection
A potential owner can register a domain name in which
research and development
