VOCAB

Question 1

Business Concept

Answer 1

belief outline of the business idea, its main selling activities and features that will that will provide it with a competitive advantage

Question 2

Profit

Answer 2

remaining amount of revenue left over after expenses have been deducted

Question 3

Market Research

Answer 3

investigating and analysing the activities and behaviours of customers and competitors in a specific industry

Question 4

Feasibility Study

Answer 4

assessment of whether a proposed business idea is usable by looking at the current business environment, customer need, operational cost and possible value.

Question 5

Entrepreneur

Answer 5

individual who takes risks associated with starting a business in hope of making profit

Question 6

Market Need

Answer 6

unmet criteria’s which need to be met in order to meet customer needs for them to purchase goods and services from a business

Question 7

Capital

Answer 7

The amount of funds (money) that a business has