AOS1
Identify one personal motivation behind starting a business
Provide an example of a successful entrepreneur!
Janine Allis Boost Juice etc etc
Define operating factors
Operating factors are the immediate external factors impacting a business, which a business has some control over.
Provide a real life example of a bricks and mortar business model
Store at southland
What does SWOT stand for?
Strengths, weaknesses, opportunities, threats.
Identify one characteristic of an entrepreneur.
determined, innovative, resourceful, knowledgeable, strong networking ability, willing to take risks
Outline innovation as a source of business opportunity
Innovation is creating and implementing new ideas or improving existing goods, processes or services.1 ][Innovation is a source of business opportunity as a new or improved product can attract customers away from competitors.
Outline the importance of business planning
Business planning is the process of establishing a business’s goals and developing strategies to achieve them. As business planning provides businesses with a clear direction, businesses that have an outlined strategy are more likely to succeed in the unpredictable and dynamic business enivornment.
Identify two advantages of having an online business model
• Customers can order products at any time as the business is open 24/7.
- Can set up quickly
• Wider customer base as there is a global market reach via the internet.
• Greater customer convenience as they are able to purchase products online from wherever they are located.
Define the term sole trader
A sole trader is a business structure that is owned and operated by one individual.
Define the term manager.
A manager is an individual who has the responsibility of overseeing and handling employees and tasks to achieve business objectives.
Define Research & Development
Research and development is activity directed towards discovering, creating and introducing new products and processes
Define the term supply chain
A supply chain is the network of individuals or businesses that are involved in producing and distributing a good or service to customers
Provide an example of a public listed company (ASX)
A public listed company is an incorporated business structure that is managed by directors and has an unlimited number of shareholders.
What type of resource is a factory?
Capital resources are man-made goods used in the production of goods and services.
Outline how global markets can act as a source of business opportunity
Global markets act as a source of business opportunity as it enables businesses to sell popular international products which may not have already been available in Australia.1 ][Global markets also enable businesses to sell their goods and services overseas and reach more customers.
What does SMART stand for when referring to business goals?
Specific, measurable, attainable, relevant, time bound
Provide and example of a business 'meeting customer needs and expectations
Teacher decide
When Janine Allis started Boost she decided to sell shares to specifically selected individuals or businesses. What type of source of finance is this? Be specific.
Private equity - Private equity is acquired by a business selling its shares to specifically selected individuals or businesses who have been approved by the board of directors.
Outline Goodwill. Is this an advantage or disadvantage when purchasing an already established business.
Goodwill is the calculated monetary value of a business’s established reputation. Could be both.
What is the relationship between business concept development and business opportunity?
Initial business ideas and concepts are often developed after identifying a business opportunity in the market. After recognising a business opportunity, business owners can then decide on the exact goods or services they want to sell to gain a competitive advantage. The goods and services an individual is planning to sell may be a significant improvement of something that already exists, or an entirely new offering.
Define Competitive Advantage
Competitive advantage is a business having qualities or strategies that provide it with an edge over its competitors.
Describe one advantage and one disadvantage of a business demonstrating corporate social responsibility
One advantage of a business demonstrating corporate social responsibility (CSR) is that the business is likely to develop a positive reputation from being socially responsible, which can attract more customers. However, one disadvantage of CSR is that it can be time consuming for a business to develop strategies that are socially responsible.
Identify and outline one financial business support service.
A bookkeeper is a person whose job is to record the financial transactions of a business.
An accountant is a professional who provides advice on financial and taxation matters
Identify 3 factors that could affect a business location
Visibility, accessibility, cost, proximity to competitors, area demographics, laws etc