Basic Concepts
What is the term for a person who starts a business, taking on financial risks?
Entrepreneur
Mention the types of entrepreneurships
Small Business, scalable start up, large corporation and social entrepreneurship
Which element of BACCM focuses on understanding the background or environment in which change occurs?
Context
In a SWOT analysis, what internal factor represents areas of improvement or disadvantage?
Weaknesses
To start over because the previous plan failed.
Back to the drawing board
Define "Vision"
How do you see the business in the future
What type of entrepreneurship is usually owned by a single person and serves a local market?
Small Business
Which BACCM element refers to the people impacted by or involved in the change?
Stakeholders
In a SWOT analysis, what external factor could benefit a business in the future?
Opportunities
To remain calm and composed in stressful situations.
Cool as cucumber
What are the core principles that guide a company’s actions called?
Values
Define "Social entrepreneurship"
A type of entrepeneurship that focuses on solving social problems through business
Define "Need"
The problem to be solved
What is the main purpose of conducting a SWOT analysis for a business?
To assess internal and external factors that impact the business's performance and strategy.
What does "on a shoestring" refer to in business?
Operating with very little money or budget.
Define "mission"
A definition of the company's business, who it serves, what it does, its objectives, and its approach to reaching those objectives.
What type of entrepreneurship refers to a large company that creates new ventures to innovate?
Large corporation
Define "Change"
Something that must be done differently, there's a need to adapt to a new environment
Emerging competitors, changing regulatory environment and negative press or media coverage are characteristics of which factor from the SWOT Analysis?
Threats
What does "dog eat dog world" mean in business?
A highly competitive and ruthless environmen
Difference between "Stakeholders and shareholders"
Shareholders are individuals that own shares of a company and have a financial stake in it.
Stakeholders are any individual party that is interested in the business activities
What distinguishes a scalable start-up from a small business?
A scalable start-up is designed to grow quickly and often requires external investment, while a small business usually remains local and does not seek rapid growth.
What term describes the benefits or improvements gained from the change or solution?
Value
Internal resources such as skilled, knowledgeable staff, tangible assets such as intellectual property, capital, are characteristics part of which factor from the SWOT?
Strengths
If someone says, "Let's cut to the chase," what are they asking for?
To get directly to the main point, avoiding unnecessary details