Entrepreneurship & Motivation
What is entrepreneurship?
Starting a business to satisfy a market need while taking on risks.
What is a bricks-and-mortar business?
A business with a physical shop or office.
What does CSR stand for?
Corporate Social Responsibility.
What is a sole trader?
A business owned and operated by one person.
What does a business mentor do?
Offers advice and guidance to help the business succeed.
Which motivation is offering a product or service that is not available yet
Fulfilling a market need
One advantage of an online business?
Reaches a wide audience and has lower costs.
Give a CSR example.
Sustainable sourcing or reducing waste
One disadvantage of a partnership
Unlimited liability or partner disputes.
How do councils encourage entrepreneurship?
Council grants to fund local businesses.
Difference between market and social needs?
Market need fills a gap in the industry; social need benefits society.
What is a franchise, and why choose one?
A franchise uses an established brand; lower risk
Purpose of a business plan?
To guide a business in achieving its goals.
What is limited liability in a private company?
Owners aren't personally liable for debts.
What do financial services help with?
Managing money, budgets, and loans.
How do businesses benefit the nation?
They create jobs and boost economic activity.
Benefit of a shopping strip location?
Good visibility and easy access.
What is SWOT analysis used for?
Identifying strengths, weaknesses, opportunities, threats.
Difference between public and private companies?
Public is listed on the ASX with unlimited shareholders.
Why monitor competitors?
To adjust strategies and stay competitive.
How do jobs created by businesses help the economy?
People earn and spend money, growing the economy.
Why have both online and physical presence?
To reach more customers and suit preferences.
How can societal attitudes influence planning?
Ignoring them risks losing customer support.
Compare new vs existing business. (Pros and Cons)
New = full control but slow start; Existing = quicker income but harder to change
How does tax influence business?
Affect operating conditions and profit margins.