business risk
what are the types of business risk?
Operational risk, pure risk, obsolescence, transferring risk, speculative risk, financial risk, strategic risk, competition, hazard risk
What are the various functions within a business?
Operation, human resources, marketing, finance and accounting
what are the qualities of a successful entrepreneur?
creative, hard-working, motivated, willing to take risks, passionate, confident, determined, independent, leadership, communication skills
What social responsibility does business have to society?
what is the law of supply?
The quantity of a good or service that producers are willing and able to sell at a specific price in a period of time
what are ways businesses can address these risks?
transferring,retaining,preventing/controlling
avoiding risk
What are the roles and responsibilities of business operation?
- Providing good service
- Converting inputs
- High level of efficiency
- Making sure satisfactory resources are available for production
what are the advantages of entrepreneurship?
flexible schedule, being able to build a career from something you're passionate about, being your own boss, choose who you work with, choose when and where you work
What is ethical behavior?
equality, giving back to your community, donating, positivity, spreading awareness
what is the law of demand?
the quantity of a good or service that consumers will buy varies inversely with the price. Consumers will buy more at a lower price and less at a higher price
what is pure risk?
opportunity for loss but not for gain
what are the roles and responsibilities of business human resources?
managing employees, recruiting, hiring, training, firing, administering employee benefits
what are the disadvantages of entrepreneurship?
no schedule of working hours, on your own, you need to find investors who will be interested in your project, might go bankrupt
why is good ethical behavior good for business?
it makes you look good, employees want to work for a company they believe in and if your company is giving back to people and treat employees fairly
what is elasticity of demand
Elastic demand is how changes in price can affect the demand. When customers adjust their demand on products based on price. Some factors that influence demanda are the price, income levels, and competition.
what is speculative risk?
a risk the business chooses to make that results in profit or loss.
what are the roles and responsibilities of marketing?
understanding of customers needs, work and brand values, managing social media, defining the brand, creating content etc
what are the chances of someone becoming a successful entrepreneur?
"According to the U.S. Small Business Administration (SBA), roughly 70% of all new businesses survive for the first two years. Beyond that, the chances of success fall to about 50% at five years"
what is inelastic demand?
Inelastic demand is when the demand for a good or service is constant, even if the product's price changes.
what is hazard risk?
possible events or situations that would mess up the business by hurting people, property, or the environment. only causes losses for the business
what are the roles and responsibilities of finance and accounting?
maintaining financial accountability, managing money, record keeping, analyzing data, dealing with legal requirements, providing financial information to management, budgeting
what is a target audience?
a group that the product is aimed at
What are the different types of economies?
Traditional economic system, command economic system, market economic system, and mixed system.