Unit 1 AoS1 - The Business Idea (SAC) Flashcards
Define innovation.
It is a key feature of entrepreneurship involving change, improvement and/or transformation of a product. Innovation is frequently used by entrepreneurs as a source of business opportunity — to meet the needs and wants of customers or to take advantage of change.
Explain, using an example of a contemporary business case study, the concept of entrepreneurship.
Entrepreneurship is starting or operating a new business in response to opportunities, assuming all the risks with the hope of making a profit. For example, Apple has succeeded through entrepreneurship by innovating and taking risks to disrupt existing markets and create new ones. The company was founded by Steve Jobs in a garage and has continued to innovate and introduce new products like the iPod and iPhone, which revolutionized the music player and smartphone industries respectively.
What do the SMART goals stand for?
Specific, Measurable, Achievable, Relevant, and Time-Bound
Explain how changing customer needs can provide opportunities for a business idea.
By identifying changes in customer needs, businesses can develop new products or services that meet these needs more effectively than their competitors.
Explain one strategy used by the federal government to foster a culture of innovation or entrepreneurship.
The Entrepreneurs’ Programme is an effective strategy used by the Australian federal government to foster a culture of innovation and entrepreneurship. By providing businesses with the resources, support, and funding they need to grow and succeed, the program helps to stimulate economic growth, create new jobs, and drive innovation and entrepreneurship across Australia.
Discuss the role of market research in achieveing business success.
Market research is the process of identifying, gathering, and analysing information concerning a specific market. Market research provides businesses with valuable insights into consumer behaviour, market trends, and competitors, market research helps businesses to make informed decisions, minimize risks, and identify opportunities for growth and innovation. Market research can be time-consuming and expensive, especially for new small businesses. Businesses may not have the resources or staff to conduct it.
Explain two ways that businesses contribute to the economic well-being of a nation.
Employment: Employed Australians will use the wage they have earned to buy goods and services to meet their needs and wants, supporting businesses and opening up further opportunities for job creation.
Taxation Revenue: Businesses also provide the public with goods and services that, when taxed, provide the government with additional revenue.
Explain businesses’ contribution to career and social well-being.
The social connections that people make at work may also affect their health, personal habits and general well-being. Resulting in personal happiness and self-fulfilment.
Choose an entrepreneur you know to show what characteristics they had in order to have a successful business.
Bill Gates demonstrated his willingness to take risks through his actions, decisions, and leadership style. He was not afraid to take bold steps, invest in new technologies, and pursue uncertain ventures, which helped him to build a successful and enduring business. Bill Gates demonstrated innovation through his commitment to creating new technologies, introducing new products, collaborating with partners, investing in research and development, and pursuing social innovation.
Explain why an individual would develop a concept development.
It is a structured way to develop an idea, see if customers like your idea, and determine what customer market is willing to buy it. For example, Iris the founder of the Quick Flick identified a gap in the market, generated ideas for the product, evaluated the feasibility, and developed a detailed plan for bringing the product to market.
What local governments do to support innovation.
Local governments can create innovation hubs, which are spaces where entrepreneurs, startups, and small businesses can work, collaborate, and access resources such as mentorship, networking, and funding. These hubs can help to foster innovation and entrepreneurship in the local community.
