Business AOS1

Chapter 1a - 1i

Entrepreneurs 1a

entrepreneurs identify unmet needs in the market and set up a business to address them

entrepreneurship 1a

the activity of setting up a business, taking on financial risks in the hope of profit.

research

careful study of a subject, especially in order to discover new facts or information about it

development

the steady growth of something that has become more advanced

risk taking skills 1a

prepared to risk money, time an d career, knowing the possibility of failure.

leadership skills 1a

inspire, support and persuade employees to share vision. motivate and encourage employees

decision making skills 1a

able to select a suitable course of action. being able to select the best option for a business that will promote success.

communication skills 1a

can clearly transfer information that allows others to give feedback and support the vision

innovation skills 1a

able to develop new ideas that helps businesses distinguish themselves from competitors.

networking skills 1a

able to develop connections that can assist, support and help grow the business

personal independence 1b

being in control of your own decisions and actions. many people start businesses to have full control over their job and be their own boss.

fulfil a social need 1b

improving upon society and the environment through business activities,

financial independence 1b

ability to fund desired lifestyle without relying on income from another individual.

profit 1b

money remaining once you deduct expenses from revenue

fulfil a market need 1b

when a business fills a gap in the market.

manager 1c

managers are employees that have responsibilities such as keeping work efficient and being able to communicate with stakeholders.

vested 1c

__confer__ or __bestow__ (power, authority, property, etc.) on someone.

stakeholder 1c

Individual or group that have a vested interest in the business

determination 1c

hardworking and focused of achieving goals. put in the work that will effectively develop the business

knowledge 1c

understand the environment and know how to do relevant tasks. be able to choose the best course of action

strong ethics 1c

strong moral values and action appropriately with ensure customers support the business. they also ensure customers and employees are treated right.

flexibility 1c

be able to adapt to certain situation. be able to adapt and change strategy/ change plans

resourcefulness 1c

overcome problems using whats available

innovation 1d

creating or significantly improving on an existing good or service.

market opportunities 1d

a need or want that is not currently being met by any other business

change in customer demands 1d

needs and wants change overtime so you need to know what consumers need.

Technological development 1d

allows businesses to offer innovative solutions, improving efficiency for users

global marketing (Globalisation) 1d

develop international influence, work on an international scale.

goal types 1e

financial and social (CSR)

SMART goals 1e

specific

Measurable

attainable

relevant

time bound

business concept 1f

idea for a business

protect an idea 1f

intellectual property

methods of protection 1f

1. trademark
2. patent
3. copy write
4. domain name

market research 1g

gathering information on a market

Feasibility study1g

is an idea doable.

Assessment of the market

potential customers & competitors

Resources needed

finanial

skills

legal requirements

Economic wellbeing 1h

how wealthy people are

social wellbeing 1h

quality of life

some examples of economic contributions 1h

employment

taxation

Infrastructure

examples of social contribution 1h

job creation

work life balance

impact of environment

innovation connections 1i

provides advice and funding for research projects

research and development tax incentive 1i

tax paying businesses that spend a minimum of 20,000 on R&D can receive tax offset that reduces the cost of R&D

accelerating commercialisation 1i

provides advice and funding to unique original businesses and concepts

council grants 1i

councils can provide a grant to small businesses within the community that are not required to be paid back.

school based entrepreneurship programs 1i

encourage and inspire children in school to become entrepreneurs

regional start up hubs 1i

A physical shared workspace for individuals and businesses to use. this promoted an innovative and imaginative environment.