Week 1
What is entrepreneurship?
Entrepreneurship is the process of establishing a business to satisfy a need in the market whilst taking on the associated risk.
Identify 3 characteristics of successful entrepreneurs
Communication skills, Determination, Knowledge, Self motivation, Organisational skills, Flexibility, Strong ethics
Identify 3 inspirations for business ideas
Listening to people, Reading magazines or books, Visiting displays and exhibitions, Accessing statistics, Gap in the market, Improvements to existing product
What is economic wellbeing?
Reflected by the level of income, consumption and wealth people or households have to support their material living standards
Why is there a need for innovation and entrepreneurship in the nation
Innovation - helps keep things new and fresh
Entrepreneurship - the new generation of business owners
What are the three ideas that categorise what an entrepreneur is?
Pursuit of business opportunities
Innovation
Seeking growth
Identify 3 characteristics of successful entrepreneurs
A shared vision, Initiative, Innovation and enterprise, Knowledge, Resourcefulness, Calculated risk takers
Define intellectual property
An original creation of the mind that can be legally owned
Explain how businesses contribute to employment opportunities
Businesses commonly employ human labour to produce goods and services.
Identify 3 methods for fostering innovation and entrepreneurship
Research and development, council grants, regional startup hubs and school based programs
Describe the difference between personal independence and financial independence
Personal independence - involves being in control of your own actions
Financial independence - Ability to fund a desired lifestyle without relying on income from another individual
Identify 3 sources of business opportunity
Innovation
Entrepreneurship
Market opportunities; niche etc.
Changing customer needs
Research and development
Technological development
Global markets
Describe a real life business concept that has related to innovation as a business opportunity
Name the company that Dion Devow created
Darkies Designs
Outline the need for council grants for fostering business growth
Council grants can give payments to businesses to encourage innovation, research and development and such and thus reduce the costs of those things
Explain why profit is an important motivation behind starting a business with reference to financial independence
Making profits mean there's more revenue than expenses. This will result in greater wealth for business managers, influencing their financial independence
Explain why expansion to global markets provides a business opportunity
Because it allows a company to grow its consumer base, which leads to greater demand and therefore business growth
Describe the 3 step process of market research
1. Identify what information is needed to make a decision about the potential of the business
2. Gather relevant information from appropriate sources
3. Gather relevant information from appropriate sources
Identify the ways business contribute to social wellbeing
Career and social wellbeing
Innovation
Corporate Social Responsibility
Explain how regional start up hubs help encourage business
Allows business owners to share ideas and practices with each other
Can also provide a subsidy for rental expenses, advisory services, and offer workshops that enhance skills and knowledge of business owners
Describe a market need in the car industry
Electric cars, more technology, greater fuel efficiency
Describe the link between goal setting and decision making
Effective decision making underlies every aspect of creating and developing a business idea – business managers must utilise this skill when considering areas of potential growth. Decision making can help understand what areas of growth to set goals for
Outline 3 components of initial feasibility studies
Market Feasibility, Commercial Feasibility, Consideration of operations, Potential owner’s management ability,
Explain how businesses contribution to R&D influences a nation both economically and socially
Economically - more innovative products hopefully leads to greater demand
Socially - better products, better product of life
What is the best way to study for your SAC?
Finish the revision booklet and make a cheat sheet