Personal Motivations
What personal motivation for starting a business involves someone having the desire to have full control over their job and be their own boss?
Personal independence.
Technological developments are a source of business opportunity as they allow businesses to improve their __________ speed and lower __________ costs, increasing efficiency and profitability.
production, production
A __________ is a unique website address that a business can register to ensure it can use the desired online platform in the future and prevent others from copying it.
Domain name
What do businesses contribute to by paying a proportion of their earnings to the government, which is then used to fund essential public services such as healthcare and education?
Taxation revenue
What type of one-off financial payment from a local council supports business ideas and development without needing to be repaid?
Council grant
If someone's personal motivation behind starting their business is 'to fulfil a social need' they aim to improve _______ and the __________ through business activities.
society and the environment
What source of business opportunity involves investing resources into discovering, creating, and testing new or improved products and processes to better meet customer needs?
Research and development
A form of legal protection over the rights of a
business’s name, symbols, colours,
packaging, or additional tools used
to sell its products.
Trademark
__________ occurs when the total value of goods and services produced in an economy increases. This contributes to improved economic wellbeing, as higher GDP often leads to better material living standards.
Economic growth
___________________ help introduce students to the business world, allowing them to develop their knowledge, problem-solving skills, and confidence in creating innovative business ideas for the future.
School-based entrepreneurship programs
Making a profit involves a business generating more ______ than ______ it incurred.
revenue than expenses
What involves creating and implementing new ideas or significantly improving upon an existing good, service, or way of doing something?
Innovation
What type of legal protection grants a business exclusive rights to use innovative devices, methods, and processes, helping to create a competitive advantage?
Patent
__________ consists of essential facilities and structures that allow an economy to operate smoothly. While the government funds many of these projects, __________ play a crucial role in their construction and maintenance.
Infrastructure, businesses
A small Australian tech start-up wants to develop a new AI-powered medical device but struggles with the high costs of research. To help, the government provides funding, allowing the company to continue its innovation. What type of government support is this business receiving?
Government investment in research and development
If you start a business because you want to have the ability to fund a desired lifestyle without relying on income from another individual, your personal motivation is?
Financial independence
What source of business opportunity arises when consumer preferences and expectations evolve, requiring businesses to adapt their products and services to stay competitive?
Changing customer needs
A small tech start-up develops a unique AI-powered scheduling app. To prevent competitors from copying their innovation, the company seeks legal protection for their creation. What type of business asset are they protecting?
Intellectual Property
What do businesses create by hiring human labour, which improves economic wellbeing by allowing individuals to earn wages and purchase goods and services?
Employment opportunities
A new business owner in regional Victoria is looking for an affordable workspace and support in developing their business. They find a government-supported facility that offers office space, networking opportunities, and advisory services to help their business grow. What is this place called?
Regional start-up hub
Travis Kalanick and Garrett Camp created Uber after experiencing the difficulty of finding affordable and reliable transport. They identified a gap in the market where traditional taxis were often expensive and inconvenient. What was their main motivation for starting the business?
To fulfil a market need
What source of business opportunity allows businesses to expand their reach by selling goods and services internationally, increasing sales and market share?
Global markets
A __________ is automatically granted to protect original creative works, such as photographs and films, ensuring that businesses or individuals can take _____ _____ if their work is used without permission.
Copyright, legal action
Australian wine company Penfolds improves Australia’s __________ by exporting wine overseas, bringing foreign money into the economy. It also engages in __________ by importing glass bottles at a lower cost, reducing production expenses for its business.
Economic wellbeing, international trade
An Australian business invests $50,000 into developing a new eco-friendly packaging solution. Since their annual turnover is below $20 million, they apply for a government initiative that provides a tax offset, helping to reduce the financial burden of their research and development efforts. What initiative is assisting this business?
Government investment in research and development