Entrepreneurship
What is an entrepreneur?
A person who creates and operates a new business, usually in response to opportunities, while taking on the risk of the venture in the hope of making a profit
A source of opportunity that involves the creation of new or improved products, services or processes
Innovation
This protects a brand, name, colour, logo etc
Trademark
Name 1 way a business can contribute to the social wellbeing of a nation
Capital of Spain
Madrid
A personal motivation for starting a business that involves wanting to be your own boss is called...
Personal independence
A rise in the demand for electric cars is an example of...
Changing customer needs
An early-stage evaluation that determines whether a business idea is practical and likely to succeed.
Initial feasibility study
Local government financial assistance provided to encourage new businesses
Council grant
Highest paid footballer in the world
Cristiano Ronaldo (425 million/year)
Three motivations for starting a business
Desire for independence, make a profit, fulfil a market or social need
A source of opportunity that involves improving products through systematic investigation and experimentation
Research and development
What is business concept development?
When a prospective business owner takes an idea that has arisen from an assessment of possible opportunities, and begins to turn it into an actual business
Explain how a school-based program like $20 Boss can foster a culture of entreprenership
Encourages students to become young entrepreneurs etc.
Ms Dixit's AFL team
Hawthorn Hawks
Explain the difference between a business manager and an entrepreneur and give an example of each one
Manager: minimises risks, runs day to day business
Entrepreneur: takes risks, initiative, seizes opportunities
What does SMART goal stand for?
Specific, Measurable, Achievable, Relevant, Time-bound
Explain the difference between a patent and copyright
Patent = protects an product or process, must be applied for
Copyright = protects music/art/ideas, automatic
Explain how an entrepreneur in Ballarat could be helped to start a business
Start-up hubs provide subsidised premises, advice, services and support to new and emerging businesses to assist them to become established
Year HPSC was established
1986
Took a risk buying the business as a student, saw a market opportunity in muesli, persisted even when she could barely pay staff etc
Name the 5 steps in the decision making process
1. Develop goals 2. Outline facts 3. Identify alternative solutions 4. Analyse alternatives 5. Choose and implement one alternative
What are the 3 steps in the market research process?
1. Identify what info is needed 2. Gather info 3. Analyse results
Name 4 ways a business can contribute to the economic wellbeing of a nation
Where have the Winter Olympics just been held (exact name of the place)?
Milano Cortina