Random
Businesses can gain competitive advantages by improving their green credentials and corporate social responsibilities. This is reflective of which CUEGIS concept?
Strategy
Innovation
Change
This is defined as a decision-making organization established to produce goods and/or provide services.
A business
Name 3 reasons for starting a new business
Rewards (Money)
Autonomy
Challenge
Interest/Passion
Finding a gap
Making a Difference
Public-Private Partnership (PPP)
A declaration of the purpose of an organization. It often includes a statement or description of the organization including:
What do we do?
For whom do we do it?
What is the benefit?
Points to the present.
Mission statement
Give an example a business activity that takes place in the secondary sector.
manufacturing or construction of finished products.
examples vary
Name the 4 sectors of business activity.
Primary Sector
Secondary Sector
Tertiary Sector
Quaternary Sector
A successful entrepreneurs need to be a “Riser”. What characteristic does each letter of the acronym stand for?
Risk Taker
Innovative
Strategist
Enthusiastic
Resilient
These are for-profit social enterprises that are owned and managed by their members.
Cooperatives
This looks at a companies growth potential in terms of the market and the product. It considers the 4 possible growth strategies of:
Market Penetration : Increasing market share by selling more products in the same market.
Market Development: Looking for new markets or market segments
Product Development: Development of new products for existing market.
Diversification: Introduce a new product into a new market
Ansoff Matrix
This refers to a written document with information about how a firm intends to achieve its organizations goals.
Business Plan
To produce goods and services, businesses need to combine human, physical, financial and Enterprise/Entrepreneurial resources in an effective way. What are these 4 things together called?
Factors of Production
Name 4 steps needed in starting a new business
Write a business plan, Obtain start-up capital, Establishing legal structure, Obtain an EIN, State license, Establish a business website, Establish a business collateral, Obtain business banking account, Obtain a mentor or advisor, Follow government rules and regulations!
What does a for-profit social enterprise do with its profit that is different than what a regular for-profit enterprise does with its profits?
The profit goes back into the organization to achieve its social goals versus giving the profit to the shareholders
What 2 factors could cause a business to change its organizational objectives over time? Give an example of each.
Internal:
Financial situation
Organization
Productivity
External:
Social
Technological
Economic
Political
The Covid-19 pandemic disrupted the way in which people worked. How businesses dealt with this is reflective of what CUEGIS concept?
Change
Innovation
Strategy
Name the 4 functional business departments
HR-Human Resources
Finance and Accounts
Marketing
Operations Management
Name 4 challenges that come with starting a new business.
Lack of finance, lack of market research, poor marketing strategy, limited human resources (people), long hours, lack of knowledge, skills and experience
It is the quickest and easiest type of business to set up.
Owner receives all the profit
The sole trader (owner) has complete control without having to consult with or be accountable to others.
Decision making is fast since owner doesn't have to consult anyone else.
The owner can benefit from tax advantages. As a small business, many sole traders work from home, so can claim tax concessions by using part of their home for business purposes.
S.M.A.R.T objectives
Specific: clear and well-defined
Measurable: to see whether it’s been achieved.
Achievable:
Relevant/Realistic
Time-Specific: has a time frame been set?
These are three main types of for-profit social enterprises
Cooperatives
Microfinance providers
Public-private partnerships (PPP).
The steps through the different sectors that must be made to turn raw materials into a consumer good that is marketed.
Chain of Production
Name 3 reasons to have a business plan prior to starting a new business.
Support the launch of a new company or business idea
Attract new funds
Support strategic planning
Identify resource needs
Provide a focus for development
Work as a measure of business success
What is an NGO and how does it operate?
Non-government organization
It's a type of non-profit social enterprise that operates in the private sector of the economy.
They operate at a local, national or international level and put pressure on governments to adopt policies in support of their social cause.
ex. Amnesty International
This refers to the values, decisions and actions that impact society in a positive way. It is about an organization’s moral obligations to its stakeholders, the community, society as a whole and the environment.
Corporate Social Responsibility