Entrepreneurship
Entrepreneur
What is the term for someone who starts a new business and takes on financial risk to do so?
Sole trader
What do you call one person who owns and runs a business
Profit
Revenue- expenses
Innovation
New ideas the business creates
Jobs
What do businesses provide to workers?
Be own boss
Why do people start their own business?
Partnership
What do you call it when 2 people jointly run a business?
Market share
The % of customers that visit your business
Research and development
What is it called when the business works to make its products better?
Income tax
What must the Govt collect from workers?
Make all the decisions
What is a disadvantage of being a business owner
Company
What do you call a business listed on the share market?
Customer satisfaction
What does it mean when customers have a good experience with the business?
Business edge
An advantage the business has, eg cheaper, better quality
GST
What is tax on goods and services called?
Choose your own work hours
What are entrepreneurs able to do as business owners?
Limited liability
What do you call it when your personal assets are protected if the company fails?
SMART Goals
Specific, Measurable, Attainable, Relevant, Timely
Changing trends
What do you call it when customers demand a new fashion
Economic growth
What is it called when our standard of living improves?
Gap in the market
What is is called when there is unmet demand for a product?
Not for profit organisation
What do you call an organisation like the Salvos
Efficiency
How quickly a business is able to work
Market research
Finding out about our customer needs
Career development
What is it called when you can move up the ladder at work?