AOS 1
The act of starting and operating a new business in response to opportunities, assuming all the risk in the hope of making a profit.
Define the term 'internal environment', provide one example of a factor from the internal environment.
the factors over which the business has some degree of control.
For example:
Employees and managers
Legal business structure
Type of business model
Business location
Sources of finance
Business support services
Name all stakeholders in the operating environment?
Suppliers
competitors
customers
special interests groups
What do you do in a describe question?
Meaning and features/characteristics
Macro - business has no control over these factors
Operating - business has some control over
desire for financial and personal independence, to make a profit and to fulfil a market and/or social need
Identify all types of business structures
sole trader, partnership, private limited company, public listed company, social enterprises and government business enterprises,
Name all stakeholders in the macro environment?
CSR
global considerations
Economic conditions
Legal and governmental regulations
societal attitudes and trends
Technological considerations
What do you do in an explain question
cause and effect
One benefit of purchasing an existing business over starting from scratch
Miss Dale to determine correct or incorrect
Name one method for fostering a culture of business innovation and entrepreneurship in a nation?
government investment in research and development
council grants for new businesses
school-based educational programs in entrepreneurship
the creation of regional business start-up hubs.
Define the term business model, in your response provide one example of a business model.
business model the way in which the business will run its operations to generate a profit.
online business, direct-to-consumer business, bricks-and-mortar business, franchise, importer and exporter
Why do tax rates (economic conditions) impact on business planning
Taxes represent a cost for businesses.
What do you do in discuss question?
Benefits and limitations
Name on source of finance
- own funds (equity or capital), which is an internal source of funds.
- by taking on debt (through borrowing) or applying for a government grant.
-The main forms of debt are a bank overdraft, bank bills, leasing, trade credit and a mortgage.
-Governments are also providers of finance in the form of grants
How do businesses contribute to the economic wellbeing of a nation?
Businesses contribute to the economic wellbeing of a nation by providing employment, contributing to taxation revenue and boosting economic growth and export earnings. They also contribute to research and development
Choose one business support service and describe it.
legal, financial, technological, community-based, formal and informal networks, and business mentors
who are unions and why do they impact on business planning?
Employees may choose to join a union in an attempt to improve their pay and working conditions. Unions represent employees in many workplaces in Australia.
Unions work to prevent anything that diminishes employee rights, safety or conditions. Business planning may be affected by these consideration
What did I do in a propose/justify question?
Propose something
What that involves
advantages of the strategy proposed
What is a SWOT analysis?
A business has many tools available to assist in the planning process. A SWOT analysis helps a business identify its internal strengths and weaknesses as well as external opportunities and threats.
Define market research
Market research is the process of systematically collecting, recording and analysing information
Define corporate social responsibility and provide one benefit and one limitation of a business being socially responsible?
The obligations a business has above and beyond its legal responsibilities to the welfare of its stakeholders; including employees, customers, and the wider community environment.
business name registration
company registration
local government regulations (including zoning and health regulations)
employment regulations (including anti-discrimination regulations and work health and safety regulations)
trade practices and consumer protection laws
environmental protection regulations.
What do i do in an evaluate question?
limitations
overall
What is a business goal ?
A business goal refers to what a business expects to accomplish over a set period. Without a goal, a business has no clearly defined purpose and nothing to aspire to.