Entrepreneurship
Name the owner of Boost Juice.
Janine Allis
A Business Idea
State the main difference between internal and external environment for a business.
Internal - complete control
External - no control
Which type of resource is “water” used in a café to prepare coffee?
Natural
Name the two components of the external environment.
Macro and Operating
Name a Personal motivation for starting a business.
Personal Independence
Financial independence
Fulfill a market need
Fulfill a social need
To make a profit
Name one method of conducting market research.
Surveys
Newspapers
Journals
Questionnaires
Name three factors of the internal environment.
Location
Business Model
Business structure
Source of finance
The quickest short term borrowing method from a bank is.
Bank overdraft
Name two components of the macro environment.
Technology
Legal and government regulations
Economic conditions
Global considerations
CSR
Societal attitudes and behaviours
Name the owner of the company SPACE X and TESLA
Elon Musk
Explain the importance of Goal setting.
Gives direction.
Allows a business to measure their performance and take necessary control.
Define Sole trader.
A person who runs and operates a business by themself.
Name the professional individual the business seeks advice from for financial matters.
Accountant
Name all the components of the operating environment.
Customers
Competitors
Suppliers
Special interest groups
Name the founder of Amazon
Jeff Bezos
Name the building development company that was declared bankrupt recently. (Building homes)
Porter Davis
Explain one difference between Private limited company and public listed company.
Private limited - 2 - 50 owners
Public listed - unlimited owners
Name a website which facilitates Crowd funding.
Go Fund me
What are three elements of Triple bottle line planning for CSR?Pe
Profit
People
Planet
Name one source of Business Opportunity.
Innovation
Research and development
Technological development
Global markets
Market opportunities
Changing customer needs
Define the term Market Research.
Market research is gathering information about customers likes and dislikes regarding the particular product.
Name and explain one type of business model.
Any business model;
Online
Bricks and mortar
Franchise
Importer
Exporter
Explain what is meant by a business plan.
A document stating the goals and objectives of a business and steps regarding how a business would achieve these goals.
Explain how increasing interest rates will affect a business.
Increasing interest rates means borrowing money becomes expensive thus, people borrow less money. This results in less money to spend on businesses and companies would see a drop in profits due to less customers.