Grade 10 Business Studies Term 3 Vocabulary

Vocabulary flashcards covering core terms and definitions for Grade 10 Business Studies Term 3 topics including creative thinking, business opportunities, business information presentation, and business planning.

Creative thinking

The ability to generate new, original and useful ideas.

Problem-solving

The process of identifying a problem, finding possible solutions, choosing the best solution and putting it into action.

Innovation

Turning a new or improved idea into something useful, such as a product, service or process.

Entrepreneurial opportunity

A chance to start or improve a business by meeting a need, solving a problem or satisfying a customer.

Brainstorming

A creative thinking technique where a group or individual produces many ideas freely, without ideas being criticised while they are being generated.

Mind mapping

A technique where a central problem, need or idea is written in the middle, and related ideas are added as branches to show connections.

SCAMPER

A creative thinking technique that asks questions such as Substitute, Combine, Adapt, Modify, Put to another use, Eliminate and Reverse.

Problem identification

Clearly identifying what customers, learners or the community need before creating a solution.

Business opportunity

A favourable situation where a business can provide a product or service that people need or want and potentially make a profit.

Business idea

A thought about a possible product, service or business.

Business information

Facts and details used to understand, plan and communicate business activities and decisions.

Business plan

A written document explaining a business idea, how the business will operate, who its customers are, how it will market its product/service and how it expects to make money.

Executive summary

A short overview of the business, its idea, goals and key plans included in a business plan.

Business description

A section of a business plan that explains the business name, type of business, product/service, objectives and location.

Market analysis

A section of a business plan that describes the target market, customer needs, trends and competitors.

Marketing plan

A section of a business plan that explains product/service, price, place/distribution and promotion.

Operations plan

A section of a business plan that explains how the business will produce/provide its product or service, including equipment, suppliers and location.

Management plan

A section of a business plan that explains who will manage the business, their duties and the skills needed.

Financial plan

A section of a business plan that includes expected start-up costs, income, expenses, cash flow and possible profit.

SWOT analysis

A component of a business plan that identifies strengths, weaknesses, opportunities and threats.

Market gap

A need or want that is not being properly met.