Orientation + Week 1
The process where a person establish a business to satisfy a need in a market while taking the associated risks.
Entrepreneurship
The skill of selecting a suitable course of action from a range of options
Decision-making
Any creation of the mind such as a new invention, brand, design, or artistic creation.
Intellectual Property (IP)
The level of income, consumption, and wealth people or households have to support their material living standards.
Economic wellbeing
Motivations for starting a business
Personal and financial independence
To make a profit
To fulfil a market need
To fulfil a social need
Statements that outline the aspirations of the business but do not state how they are achieved.
Steps that businesses take to achieve their vision
Business goals
Business objectives
Types of protection of intellectual property
Trademarks, patent, design rights, copyright, domain name
The measure of the quality of life individuals have, reflected by their non-material living standards. The non-material living standards of a nation are an indicator of social wellbeing as these factors influence the quality of life experienced by individuals.
Social wellbeing
The acronym, S.M.A.R.T. goals
Specific
Measurable
Actionable
Relevant
Timebound
Types of business goals
Financial - To make a profit, to increase sales, increase market share, expand the business, maximise return to investors
Social - Provide employment, operating sustainably, provide a community service.
Personal - Personal freedom, Achieve market or social needs, Achieve financial and personal independence
An idea for a business such as the product, the target market and potential competitors.
A multi-stage process taking the business idea to market.
Relationship between business concept and business concept development
Business concept
Business concept development
Identify business opportunity > Develop business concept > Protect business concept
Business contribution to economic wellbeing
Employment, taxation revenue, infrastructure, economic growth, export earnings, research & development
Characteristics of successful entrepreneurs and business managers
Business Managers - Communication skills, Determination, Knowledgeable, Strong Ethics, Flexibility
Examples of a business goal
Example of business objectives
Goal - To become the number one provider of fast fashion in Australia.
Objective - Increase sales by 10% each year, achieve a market share of 50% within 6 years and constantly review and improve the design and functionality of company products.
A process involving gathering and analysing information (quantitative & qualitative) concerning a specific market.
Aspects of market research
Market research
Customer needs, gaps in the market, competitors advantage and amount of risk
Business contribution to social wellbeing
Increased levels of general happiness, improvement in mental health, corporate social responsibility
Sources of business opportunity
Innovation, Market opportunities, Changing customer needs, Research and development, Technological development, global markets
Example of a SMART Goal
I will gain four new clients for my gardening business within a three month period filling my current available diary places. This will allow me to grow my business and increase my revenue.
A researched evaluation of how viable a business concept is.
Aspects of a feasibility study
Initial feasibility study
Market research, Operational feasibility, Commercial feasibility, technical feasibility, legal feasibility
Methods that promote a culture of entrepreneurship in a nation
Council grants, government research in research and development, school-based entrepreneurship programs, creation of a start-up hubs