Entrepreneurship
Name one personal motivation for starting a business
Independence, profit, fulfil a market/social need
This type of business can have up to 50 shareholders
Private limited company
People are more likely to borrow money from the bank when interest rates are __________
A coffee machine at a cafe is an example of a _________ resource
Capital
Capital of Spain
Madrid
Trademark must be applied for, protects name, colour, logo
Copyright is automatic, protects art, music, film
An unincorporated business has __________ liability
Unlimited
Give one example of a trade union
AEU, CFMEU etc
Paying money to use equipment that is owned by another party is called ____________
Leasing
Name the two streets that you can enter HPSC from
Fordholm Rd and Campbell Dr
Provide a real example of how 'changing customer needs' could be a source of business opportunity
Logical response
Name 3 factors that a business might consider when choosing the location of their business
Cost, proximity to customers/competitors/suppliers, complementary businesses, visibility
Give an example of one global consideration a business would need to make if it was trying to expand overseas
Exchange rates, intellectual property, offshoring labour, online sales, overseas competitors
Name 2 elements of a business plan
Executive summary, operations plan, financial plan, marketing plan
Which famous singer recently went on a rocket ship and became the first female to sing in orbit?
Katy Perry
Describe two ways that a business can contribute to the wellbeing of a nation (can be economic or social)
Employment, tax revenue, economic growth, exports, research and development, career and social, innovation, CSR
Give two benefits and two costs of starting a business from scratch
Costs - no customer base, have to buy equipment, hire new staff
Give two benefits and two costs of Amazon using drone delivery
Benefits: no traffic, quicker delivery, less delivery costs due to no driver or petrol
Costs: less employees needed, possible issues in air, only small packages, failure of tech could result in lost or damaged packages
Give two benefits and two costs of using solar energy to power a factory
Benefits: better for environment, lower costs long term, better reputation,
Costs: more expensive to install, not as reliable
Hollows house is named for Fred Hollows - what was his job?
Ophthalmologist
Outline the three steps involved in undertaking market research
1. Identify what information is needed
2. Gather the information
3. Analyse the results
Explain what a franchise is and give one example
Franchising involves a franchisee paying another business (franchisor) for the right to use that business’s trade name, products and operating systems - any example
Explain how a societal attitude could affect a business and provide an example
Logical response
Name the 4 elements of a SWOT analysis
Strengths, weaknesses, opportunities, threats
Ms Dixit's cat
Milos