Personal Motivations
Being in control of their own decisions and actions.
What is Personal Independence?
Clearly transfer information to others and listen to feedback.
What are communication skills?
3 business models are
Bricks and Mortar
DTC
Online
Freemium
Export
Import
Franchise
Goals such as to increase profit margin or improve productivity.
What are financial goals?
Initial thought or concept creating a new, innovative product or enhancing an exiting product.
What is a business idea?
A person's ability to fully fund a desired lifestyle.
What is Financial Independence?
Hardworking and focused on achieving goals.
What is determination?
A customer need or want that is not currently being met by any business.
What are market opportunities?
Goals such as reducing environmental impact or improving employee welfare.
What are social goals?
Conducting surveys or analysing data which identify the needs of potential customers.
What is market research?
Generating more revenue than expenses.
Takes a course of action where there is the possibility of failure.
Risk taking
Name all 6 business types
Company (Private and public)
Partnership
Sole trade
Social Enterptise
GBE
Specific, Measurable, Attainable, Relevant & Time Bound.
name all three business resource needs and an example for each
natural
capital
labour
A business that fills a gap in an industry/sector.
What is to fulfil a market need?
Where businesses trade products around the world.
Global Markets
How does a business protect its concept. Name two ways
Patent(Invention)
Copyright (creative work eg: song)
Trademark (symbol, word)
What are business strategies?
Two costs and benefits of purchasing an existing business is
Staff already trained
Customer base already established
Previous success could be because of previous owner
Goodwill may be expensive
Improving society or environment through business activities.
What is to fulfil a social need?
Directing resources towards creating and discovering new products.
R and D
Explain how a business might contibute to the economic wellbeing of a nation
Tax revenue
Employment
GDP
What is decision-making?
Two examples of an initial feasibility study could include__________-
Operations considerations
Finanical feasibility
Assessment of the market
Past Attempts