Business test 1 AOS1

entrepreneurship

is generally considered to refer to the process whereby a person 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.

entrepreneurship

The pursuit of business opportunities

Innovation

Seeking growth

personal motivations behind starting a business

The desire for financial and personal independence

To make a profit

To fulfil a market need

To fulfil a social need

Entrepreneurs tend to have these characteristics:

• Shared Vision

• intiative

• innovation and enterprise

Business Opportunity

An opportunity is a set of circumstances that a person can perceive as an avenue to success.

Innovation

refers to the process of creating a new or significantly improved good, service or process (way of doing something).

Research and development

a set of activties undertaken to improve existing products, create new products, and improve production processes.

Different Business opportunities

Innovation

Market opportunities

Changing customer needs

Research and development

Technological development

Global markets

goal

describes what a business expects to accomplish over a set period

vision statement

describes where the business wants to be in the future

mission statement

describes what the business does and how it will achieve its vision.

SMART goals

Specific

Measurable

Attainable

Relevant

Time Bound

social goals

community service.

provision of employment

social justice.

ecological sustainability.

Decision making

involves identifying available options and then choosing one course of action from the alternatives.