unit 3: Bus Man

Question 1

Business motivation

Answer 1

The reason why someone chose to start a business.

Question 2

Source of business opportunities

Answer 2

Where or how the opportunity arose for them to stat their own business.

Question 3

Business Motivations

Answer 3

1. Financial independence= Being able to support yourself without relying on other people/ a job.
2. Personal independence= Being able to make your own decisions, decide your role, working hours, holidays etc.
3. Make a profit= to benefit financially from capitalizing on a business opportunity.
4. Fulfill a market and/or social need= Create a product to meet customers demand or improve on an existing products to better meet the needs of customers.

Question 4

Innovation

Answer 4

Transforming into reality a new idea about a product or a service, or it could be a new way of doing things.
Characteristics-
- new efficient processes can save time, money and create less waste.
- allows business
- helps business to adapt to the charging marketplace.
- gives a competitive advantage.

Question 5

Entrepreneurship

Answer 5

Refers to the concept of developing and managing a business venture in order to gain profit by taking several risks. 
Characteristics- 
- seeks out new opportunities
- Manages business activities
- Takes calculated financial risks
- experiences business success

Question 6

Market oppurtunites

Answer 6

Refers to chance to increase trade caused by the changing trends in a market. The key is to be able to recognize a market trend. This could also be an opportunity where there is a gap in market.

Question 7

Changing customer needs

Answer 7

Busy-
-wants convenience
- wants 24/7 trade
- wants supportive home services such as cooking, cleaning and childcare. 
Tech savvy-
- access to info
- compares comp
- shops online
Demanding- 
- high expectations
- health and safety consious.