Entrepreneurship and business motivation
The process of starting and operating a new business to make a profit or fulfill a social need.
What is entrepreneurship?
This source of business opportunity arises when customers want new and improved products.
What is changing customer needs?
The process of gathering and analyzing information about potential customers and competitors.
What is market research?
A detailed idea that describes what a business offers, who it serves, and how it operates.
What is a business concept?
Businesses help boost this key economic factor by creating goods and services that people buy.
What is economic growth?
The desire for personal and financial independence, to fulfil a marketneed, to make a profit and the desire to help others.
What are some personal motivations for starting a business?
A process where businesses use scientific and technological advancements to create new products or services.
What is research and development (R&D)?
A study conducted to determine whether a business idea is practical and likely to succeed.
What is a feasibility study?
A structured framework for setting effective business goals that ensures they are specific and measurable.
What is SMART goal-setting?
Businesses provide these, helping people earn an income to support themselves.
What are jobs / employment?
This characteristic of successful entrepreneurs allows them to think of new and unique ways to solve problems.
What is innovation?
Identifying a section of the market that is not currently being served well by existing businesses.
What is a gap in the market?
Financial viability and potential customer demand.
What are two factors a feasibility study should include when assessing a business idea?
The ‘R’ in SMART goals, which ensures that the goal is achievable given the business's resources.
What is ‘Realistic’?
A way businesses can contribute to social wellbeing by acting ethically and minimizing environmental harm.
What is corporate social responsibility (CSR)?
A business owner must be willing to take this in order to succeed, as it involves uncertainty and potential failure.
What is risk?
A type of business opportunity that involves selling goods and services internationally.
What are global markets?
Business opportunities inspire the creation of business concepts, which are then refined through research and planning.
Describe the relationship between business opportunities and business concept development.
The impact businesses have on improving living standards by producing goods and services that enhance daily life.
What is increasing the quality of life?
The difference between a business manager and a business entrepreneur.
What is: A manager oversees and organises the day-to-day running of a business, while an entrepreneur creates and develops a new business idea?
Two ways a business idea can be developed from recognising an existing problem in society.
What are innovation and identifying market opportunities?
It provides direction and helps measure progress.
What are two reasons why goal setting is important for business success?
One example of how businesses can directly contribute to a community’s social wellbeing outside of selling products.
What is donating to charities or supporting local initiatives?