The Business Idea
Specific, Manageable, Attainable, Relevant, Time Bound
SMART Goals
Sole owner of a business, Works on there own, takes all the profit/loss
What is a Sole Trader
Customers, Competitors, Suppliers, Special interest groups
Operating Environment
Divided into two categories; internal and external
What is a business environment
Nationality is Italian
Mr Aparo, Miss Veneziano, Miss Pannunzio
The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Entrepreneurship
Strengths, Weaknesses, Opportunities, Threats
SWOT analysis
Interest Rates, Employment Levels, tax Rates, Business and consumer confidence
Economic conditions
The micro environment that a business has control over such as employees, managers, culture and policy
What is the internal environment
The process for receiving a passing grade on a failed SAC
Innovation, Taking advantage of market opportunities, Changing customer needs, Research and development Technological development and Global markets
Sources of business oppurtunity
Self-funding, Family and friends, Private investors, trade credit, loans
Sources of finance
An agreement that outlines right and responsibilities between the original business licensee and the new owner.
What is a franchise agreement
Elements outside the control of the business
What is the external environment
The #1 Album of 2023
The Highlights (The Weeknd)
Increased taxation revenue means the government can provide goods and services that benefit the whole community
Taxation Revenue
Physical store in which customers have to physically walk into
Brick and Mortar
Represent employees in many workplaces in Australia. They will often be called to represent their members in the development of new or changed employee agreements,
Unions
A component in the Macro environment that pressures a business to take into account environmental and social considerations
What is Corporate Social Responsibility
Became the third Australian Prime Minister to die in office. He was presumed dead two days after going missing swimming near Portsea.
Who is Harrold Holt
financial and personal independence, make a profit, fulfill a market and social need
Personal motivations for starting a business
Seek advice on a regular basis from a person who is experienced or knowledgeable in the field.
Business Mentor
Relate to the actions that express these ideas, values and beliefs.
Societal Behaviours
A group of people who attempt to directly influence or persuade a business to adopt particular policies and procedures
What is a Special Interest Group
The continent that has the most countries.
Africa (54)