Business Yr 11

Business Concept

The core idea behind a business, explaining what it offers, who the customers are, what makes it unique, and how it plans to succeed.

Business Contribution to Nation

Businesses boost the economy, create jobs, support communities, pay taxes, and contribute to exports.

Culture of Innovation

Businesses encourage creativity by taking risks, promoting teamwork, supporting learning, and rewarding new ideas to stay competitive.

Feasibility Study

Assesses the assessment of a business idea by evaluating market demand, technical requirements, financial aspects, legal issues, and operational needs.

Market Research

The process of collecting and analyzing data about customers, competitors, and trends to help businesses make informed decisions.

Market Conditions

The state of a market, including demand, competition, and economic trends, that affects business decisions.

Innovation

The process of changing and improving products or services.

Business Idea (Eco-Friendly Packaging)

Provide sustainable packaging solutions for businesses focused on sustainability (e.g., plant-based plastics).

Personal Motivations for Starting a Business

Financial independence, Passion for an idea, Flexibility and control, Problem-solving, Creativity, Leaving a legacy, Personal growth, Making a difference.

Entrepreneurship

The process of starting a business by taking risks and innovating to create new opportunities.

Business Opportunity

An idea that can be developed into a profitable business by addressing market needs.

Goal Setting

Defining clear objectives to provide direction, focus, and motivation, helping track progress over time.