Entrepreneurship
What is this the definition of?
Change, improvement and/or transformation.
Innovation
'The goods or services that customers require that are not readily available.'
Is the definition of what term?
Market Need
A 'gap in the market' is also known as what?
Market Opportunities
The internet, books and social media are sources of business inspiration.
True or False?
True
Business Entrepreneurs take risks and run the day-to-day operations of a business.
True of False?
False.
A manager runs the day-to-day operations.
Bill Gates is the co-founder of which company?
Microsoft
What is a Social Enterprise?
A business created to fulfil a social need.
Changing population is an example of what?
Changing customer needs
What is 'viability'?
Whether a business is capable of developing and growing.
A person who has responsibility for overseeing the operations of the business to ensure that it successfully achieves its goals is called what?
A Business Manager
What are the three significant aspects of entrepreneurship?
Pursuing Business Opportunities, Innovation, Seeking Growth
What are the four types of personal motivation?
Fulfilling a Social Need, Fulfilling a Market Need, Financial Independence, To make a Profit.
Netflix is an example of which business opportunity?
Innovation
Trademark, Patent and Copyright are all forms of what?
Intellectual Property protection
What are the two processes that can determine a business' viability?
Market Research and Feasibility study.
Exploring new trends, new products and new approaches is an example of which entrepreneurial characteristic?
Seeking Growth
What is the difference between Personal Independence and Financial Independence?
Personal- the capacity to be in control of decisions that affect one’s everyday actions or activities.
Financial- the capacity to support a lifestyle without having to be employed or be dependent on others.
What are the six business opportunities?
Innovation, Identifying changing customer needs, Technological Development, Market opportunities, Research and Development, Global Markets
What are sources of business concept?
A person’s own experiences, Interests, Abilities or Imagination
An assessment of the market and a consideration of the operations are the first two steps of what?
Feasibility Study
Eli Jones founded a company selling what?
Pinecones
'Hard work and long hours, Meeting the demands of customers, suppliers and financiers, Fluctuating or uncertain income, Risk of failure.'
Are examples of what?
Limitations of owning a business.
'Demand for product, Positive return on investment, Having required skills and labour' are examples of what?
Characteristics of a good business opportunity
What is the relationship between Business Concept Development and Business Opportunities?
A business concept is developed by a prospective business owner after an idea has arisen from an assessment of possible business opportunities.
What are the six ways to conduct Market Research given in class?
Focus Groups, Surveys, Interviews, Libraries, Government Agencies, Trade Associations