The Business Idea
What is a source of business opportunity
Innovation
Customer needs
R&D
Global Markets
Technology and Development
Market Opportunities
Define Market research
a systematic approach that assists a business to make decisions about consumers and the marketplace
What does GDP stand for?
Gross Domestic Product
Define a global market
all individuals and businesses that participate, or may participate, in the buying and selling of goods and services across the globe
Define Research and Development
activity undertaken by businesses to discover, innovate and improve new business ideas and processes
Define innovation
developing and applying new ideas that are an improvement to what is currently offered
Define feasibility study
initial research that is required to determine whether the business concept is potentially viable
Identify an inspiration for a business idea
Listening to people, reading magazines and books, visiting displays, government statistics, gaps in the market, improvements that need to be made
Define Demographic
developing and applying new ideas that are an improvement to what is currently offered
Define Gap in the market
an opportunity for a business to enter into an area of the market not currently being serviced
Give two personal motivations to starting a business
Any of the following:
a desire for independence and to be their own boss. potential wealth and financial independence. Business ownership is often viewed as a path to wealth.
self-worth: many see business ownership as a means of recognition as a successful person
potential for flexible working hours and conditions.
to follow family tradition.
to fill an identified gap in the market.
to fulfil a social need.
Give two examples of Intellectual Property
Any of the following:
Patents
Trademarks
Designs
Copyright
Trade Secrets
What is a benefit of continued economic growth for Businesses in Australia?
What is a business idea for a suburb where home burglaries are increasing?
Potential answer -
Home security systems
Identify a potential business idea for a section of ocean not far from shore where whales and dolphins are regularly seen?
No, not harpoon fishing.
Potential answer:
Tourism
What is the very first step for a person starting a business?
Conduct a self evaluation
Give an example of a business contribution to the economy
Contribution to economic growth, employment, tax, export, research and development. social wellbeing, innovation
How can innovation and entrepreneurship be encouraged?
council grants for new businesses
business mentorships
school-based education programs focusing on entrepreneurship
creation of regional business start-up hubs.
What are two skills of successful business operators
Any of the following:
Technical skills
Communication skills
Negotiation skills
Leadership skills
Strategic thinking and analytical skills
planning skills
financial management skills
sales and marketing skills
Tech / IT skills
What is a characteristic of a successful business manager?
Thinking outside the square
Resilience
Innovative thinking
Vision
Passing Confidence
Ability to work independently
Being flexible
Give one focal point of a self-evaluation
Any of the following:
examining personal motivation, or reasons, for going into business and ascertaining whether or not these reasons are valid
completing a self-appraisal of personal skills, abilities and personality type, demonstrating whether there is a reasonable chance of success
establishing and clarifying personal and business objectives.
Differentiate between a business goal and business objective
business goals what a business expects to accomplish over a specific period of time and represent the aspirations of the business
business objectives specific, measurable steps that a business takes to achieve its business goals
Give the correct spelling for _________________
E-N-T-R-E-P-R-E-N-E-U-R-S-H-I-P
Describe a potential advantage of developing a new technology for your business
This gives your business a competitive advantage and exclusive use to that tech.
What is the purpose of a start-up hub?
These spaces can be used for meeting clients, meeting other business people or technology use where it might not be possible from home, and some hubs also provide childcare services.