UNIT 1 EXAM

Question 1

(AOS1) characteristics of successful managers

Answer 1

*communication skills
*determination
*knowledge
*strong ethics
*flexibility

(cats, dogs, koalas, snakes, frogs)

Question 2

(AOS1) characteristics of successful entrepreneur

Answer 2

*willingness to take calculated risks
*strong networking abilities
*determination
*innovative qualities
*resourcefulness
*knowledge

(Wil, sits, down, in , red, kites)

Question 3

(AOS1) personal motivation for stating a business defintion

Answer 3

success or failure of a business depend on the owners abilities, resources available, enthusiasm, initiative, level of management expertise, motivation

Question 4

(AOS 1) personal motivation for starting a business factors

Answer 4

*personal independence
*financial independence
*to make a profit
*to fulfill a market need
*to fulfill a social need

(please, find, pretty, material, sarah)

Question 5

(AOS1) sources of business oppurtinity listed

Answer 5

*innovation
*entrepreneurship
*market opportunities
*changing customer needs
*global markets
*research and development
*technological development

(in, every, mind, comes, great, right, thoughts)

Question 6

(AOS1) goal setting is broken into

Answer 6

1.vision statement
2.mission statement

Question 7

(AOS1) process of setting goals

Answer 7

SMART goals

Specific
Measurable
Achievable
Relevant
Time bound

Question 8

(AOS1) Types of goals

Answer 8

*finance goals
*social goals
*personal goals

fruit, should, play

Question 9

(AOS1) process of decision making

Answer 9

DODSE

• Define the objective
  *Outline the facts
  *Develop several solutions
  *Select the preferred alternatives and implement
  *Evaluate effectiveness of the solution

Question 10

(AOS1) Protecting business ideas listed

Answer 10

*trademark
*patent
*copyright
*domain name

Question 11

(AOS1) market research process

Answer 11

*identifying
*gathering
*analysing

(IGA)

Question 12

(AOS1) areas of feasibility to consider

Answer 12

*market feasibility
*operational feasibility
*commercial feasibility
*technical feasibility
*legal feasibility

Question 13

(AOS1) how the business contributes to the nation

Answer 13

1. Economic wellbeing
2. Social wellbeing

Question 14

(AOS1) economic wellbeing is divided into

Answer 14

*employment opportunities
*taxation revenue
*infrastructure
*economic growth
*international trade
*research and development

Question 15

(AOS1) business innovation and entrepreneurship can be undertaken through

Answer 15

*research and development
*council grants
*regional start ups
*school based entrepreneurial programs