Motive-ators
Define Entrepreneurship
Entrepreneurship refers to the act of starting and operating a new business in response to opportunities and assuming all the risk of the venture in the hope of making a profit.
Explain the characteristic of: Risk Taker
Someone who considers risks and is okay with the possibility of failure
Define Business concept
•A Brief outline of the business idea, its main selling activities and the features that will provide it with a competitive advantage
What does SMART stand for?
Specific, Measurable, attainable, relevant, time bound
Identify one way a business can contribute to the economic wellbeing of a nation
employment, economic growth, international trade, tax revenue, infrastructure, R&D
Define Innovation
change, improvement and/or transformation
Explain Thinking outside the box
Someone who creates original ideas and approaches things in different ways
Identify one way to protect a business concept
Trademark, patent, copyright, domain name
Why is goal setting important
•Provides direction to the business à What does the business want to achieve
•Can help measure success à Did we achieve our goals (was out business strategy successful)?
•Lets employees and managers work towards a set of shared targets
Identify one way a business can contribute to the social wellbeing of a nation
●Businesses provide employment of individuals – Likely to be happier, more fulfilled and may experience less financial stress
●Low unemployment levels typically have lower homelessness and crime rates
●Large focus on employee wellbeing can improve mental health of their workers, contribute to their level of personal happiness and self-fulfilment and sense of belonging.
●Environmentally friendly policies and production methods can help improve, protect and preserve the environment
What is meant by the desire for personal independence
The capacity to be in control of decision that affect ones everyday actions or activities
How can being innovative help an entrepreneur?
Ability to change and adapt products into what the market needs
Name one stage of the Business Concept development process
•Step 1: Business concept
•Step 2: Conduct market research
•Step 3: Refine business concept
•Step 4: Conduct feasibility study
•Step 5: Write a business plan
Define market research
●a systematic approach that assists a business to make decisions about consumers and the marketplace
What is a council grant?
•One-off financial payment from the council to a business to support business ideas and development. It does not need to be repaid.
What is a marked need?
Goods or services that customers require that are not readily available
Explain what is meant by the term ‘thinking outside the box'
looking at new ways to do things
What does it meant to refine the business concept
•Market research provides an understanding of what customers want, and whether or not the product/service will meet those needs.
•Based off what you found you may need to amend your business concept
Define a feasibility study
initial research that is required to determine whether the business concept is potentially viable
What is a regional start up hub
•Regional start-up hubs are often government initiatives designed to provide a collective working space for new businesses within a specific area or location
What is a benefit of running/owning your own business?
Being your own boss — independence
Possibility of making a profit
Challenging, rewarding and satisfying
Increasing personal wealth
Contributing positively to society
Developing own creative ideas
Overcoming unemployment
Achieving a better lifestyle
Employing family members
Possible tax advantages
what is the difference between a business manager and a business entrepreneur
The key difference between a business manager and a business entrepreneur lies in their roles, responsibilities, and mindset:
Explain Trademark
Legal protection for a business over the rights of its name, symbols, colors, packaging or additional tools used to sell products
Give a disadvantage of the market research process
Time consuming, costly, can be unreliable
What is one way government can invest in business research and development
Innovative connections, R&D tax incentive, accelerating commercialisation