1.2 Entrepreneurship
Entrepreneurs take on this when starting a business, with no guarantee of success.
Risk
This refers to the capacity to support a lifestyle without relying on an employer or others.
Financial independence
Entrepreneurs and managers must be willing to do this in the early years of a business.
work long hours
The development of something that is totally new is known as this.
Invention
The process of identifying options and choosing one course of action.
Decision making
This involves entrepreneurs improving existing products or processes, not just creating brand-new ones.
Innovation
“Being my own boss” best reflects this personal motivation for starting a business.
Personal independence
Business managers prefer to make these types of decisions where the outcome is reasonably clear.
calculated decisions
Activities undertaken to improve existing products or create new ones are known as this.
Research and development (R&D)
Goals that relate to profit, sales growth and market share fall into this category.
Financial goals
This famous entrepreneur took a risk marketing a computer operating system as a teenager.
Billy Gates
An entrepreneur starting a business to sell a product that is unavailable in their local suburb is fulfilling this.
Market need
Improving an existing product or changing the way a business operates to deliver better outcomes is known as this.
Innovation
Selling goods and services to customers in other countries reflects this source of opportunity.
Global markets
SMART goals stands for
Smart, Measureable, Attainable, Relevant, Time bound
Innovation helps entrepreneurs respond to changes in technology, customer needs, or this broader factor.
Global markets
A business that donates profits or operates sustainably to help the environment is motivated by this.
Social need
This characteristic enables entrepreneurs to continue despite financial stress or uncertainty.
Determination/Resilience
A business responding to changing fashions and tastes is responding to this source of opportunity.
Changing customer needs
Increasing the percentage of total industry sales held by a business relates to this goal.
Market share
Identify and explain the three key ideas implicit in the definition of entrepreneurship.
pursuing business opportunities, innovation, and seeking growth
Identify four motivations behind starting a business outlined in the study design.
financial independence, personal independence, making a profit, fulfilling a market need, and fulfilling a social need
how a shared vision contributes to business success.
aligns staff efforts, increases motivation, and gives the business clear direction
Identify four sources of business opportunity outlined in the study design.
innovation, market opportunities, changing customer needs, research and development, technological development, and global markets
Identify the three broad types of business goals.
financial, social and personal goals