Being an Entrepreneur
Planning for success
Business Operations
Maintaining Financial Records
Assessment requirements
100
What is the definition of an entrepreneur?
A person who sets out to build a successful business in a new field
100
Identify one key considerations a business must plan or organise to be successful
Opportunities to run a small business
Key features of organisational structures
Establishing a new business or purchasing an existing business
Options for financing a business
Likely success of a small business
100
Businesses have to follow regulations. What three levels of council determine these regulations?
Local, State and Federal
100
Identify one of the 3 financial statements a business uses
1. Cash flow statement
2. Income statement
3. Balance Sheet
100
When is the Shark Tank presentation due?
25th July before 5pm
200
Identify an advantage of being an entrepreneur
Be your own boss — independence
Possibility of making a profit
Challenge, reward and satisfaction
Increase personal wealth
Contribute to society
Develop own creative ideas
Overcome unemployment
Achieve a better lifestyle
Employ family members
Possible tax advantages
200
Construct an appropriate question to include in Market Research
Teachers discretion
200
What are the 4P's of marketing?
Product, promotion, price, placement
200
What is the formula to calculate gross profit
Revenue - Cost of Goods sold = Gross Profit
200
When is the in class responses?
26th July Period 4
300
Identify one disadvantage of being an entrepreneur
Hard work and long hours
Other ‘bosses’ — customers, suppliers, financiers
Income may fluctuate and be uncertain
Risk of failure
Stress and worry
High levels of responsibility
Constantly solving problems
Difficulty in selling the business
300
Draw the legal structure diagram. Must include
- unincorporated, incorporated
- sole trader, partnership, private, public, incorporated association
Teacher discretion
300
What is Corporate Social Responsibility?
Business consider the interest of stakeholders, society and the environment when making economic and business decisions
300
What is the formula to calculate Net Profit
Gross Profit - Expenses = Net Profit
300
The shark tank presentations has requirements. How many slides and how long does the presentation need to go for?
30 slides MAX
12 mins MAX
400
What is one characteristic of an entrepreneur
Seeing and taking advantage of an opportunity
Establishing a shared vision
Demonstrating initiative, innovation and resilience
Appreciating the role of failure in success
400
What is a disadvantage of purchasing an existing business?
The existing image of the business may be difficult to change, especially if the business had a poor reputation.
The success of the business may have been due to the previous owner’s personality and contacts which may be lost when the business is sold.
It may be difficult to assess the value of goodwill with the likelihood of paying more than the business is worth.
Some employees may resent any change to the business operation.
400
Provide an example of an internal stakeholder
Employees, employers, managers, CEO's, Shareholders
400
What is the formula used in a Balance sheet
Assets = Liabilities + Owners Equity
400
True or False: Students will be presenting their Shark Tank Presentations in front of the class
FALSE
500
Provide one example of an entrepreneur with their business/organisation
teacher discretion
500
What is the two ways to get finance?
Debt and Equity Finance
500
Identify one organisation an entrepreneur can access to receive support and advice
500
What is the difference between current and non current assets and liabilities
Current: Shelf life of less then 12 months
Non current: Will exist for longer then 12 months
500
True of False: An Advertisement of the product has to be included in the presentation
TRUE