Entrepreneurship and Business Management Flashcards

A comprehensive set of vocabulary flashcards covering basic entrepreneurship, business structures, planning, legal regulations, and global considerations based on lecture notes.

Entrepreneurship

The process of starting up and running a new business.

Entrepreneur

An individual who starts up a business, identifies unmet needs, and takes on associated risks to satisfy a market.

Innovation

The process of turning a new, creative idea into a product, service, or method that adds value.

Market Need

The functional needs, desires, and goals of a target audience.

Startup

A new business that has just been created and is starting to operate.

Risk

The chance of losing money or failing

Target Market

The group of people a business sells to, such as teenagers who like gaming gear.

Opportunity

A chance to make money by meeting a need, such as selling cold drinks on a hot day.

Goods

Physical items that are made and sold which can be touched, such as shoes or phones.

Service

Something a business does for customers instead of selling a physical item, such as haircuts or tutoring.

Revenue

The money a business earns from selling goods or services.

Expenses

The costs a business pays to run, such as rent, wages, and materials.

Product

A good or service that a business sells to customers.

Social Enterprise

A business that aims to make a profit and help solve a social or environmental problem.

Research and Development (R&D)

Directing resources like money and time toward discovering, creating, and introducing new products and processes.

Business Opportunity

A favourable situation that can lead to improvements or success for a business.

SMART Goals

A framework for goal setting: Specific, Measurable, Attainable, Relevant, and Time Bound.

Business Concept

A brief outline of a business idea, its main selling activities, and the features providing a competitive advantage.

Competitive Advantage

Qualities or strategies that provide a business with an edge over its competitors.

Intellectual Property (IP)

An original creation of the mind that can be legally owned, including unique products, designs, and brands.

Trademark

A form of legal protection over the rights of a business name, symbols, colours, packaging, or tools used to sell products.

Patent

A licence providing a business with exclusive rights to the use of innovative devices, methods, and processes.

Copyright

Free and automatic protection for original ideas such as art, sound, films, and photos.

Domain Name

A unique website address.

Market Research

The process of investigating and analysing the activities and behaviour of customers and competitors in a specific industry.

Initial Feasibility Study

A researched evaluation of how viable a business concept is, examining market demand, competition, costs, and resources.

Economic Wellbeing

The income, wealth, and consumption people have to support living standards and meet needs and wants.

Social Wellbeing

The overall quality of life reflecting non-material living standards like happiness, low crime rates, and access to healthcare.

Council Grant

A one-off financial payment from a local council to a business that does not need to be repaid.

Unincorporated

A business structure that is not legally separate from its owner(s).

Incorporated

A business that is a separate legal entity from its owners.

Unlimited Liability

A situation where owners are personally responsible for all business debts and personal assets can be taken.

Limited Liability

A situation where owners are only responsible for business debts up to the amount they invested; personal assets are protected.

Partnership Agreement

A legal document outlining how a partnership will operate, including roles, profit sharing, and decision making.

Shareholders

People who own shares in a company and therefore own part of the business.

Dividends

A portion of company profits paid to shareholders.

Capital

The money or assets invested in a business to start or run it.

Australian Securities Exchange (ASX)

The main stock exchange in Australia where shares in companies are bought and sold.

Sole Trader

An unincorporated business with one owner who keeps all profits but has unlimited liability.

Partnership

An unincorporated business with $2$ to $20$ owners who share control and usually have unlimited liability.

Private Limited Company

An incorporated company owned by shareholders where shares are not sold to the public.

Public Listed Company

An incorporated company that sells shares on the ASX and is controlled by directors and a board.

Government Business Enterprise (GBE)

A business owned and operated by the government that runs like a company to provide essential services.

Goodwill

The reputation of a business as a quantifiable asset, calculated as part of its value when sold.

Natural Resources

Anything that comes from nature, such as land, water, raw materials, or livestock.

Labour Resources

People (employees) who provide their knowledge, skills, effort, or experience to a business.

Capital Resources

Tools, buildings, and machinery used by a business to create its final goods or services.

Equity

An internal source of funds where the owner or investors contribute their own capital.

Debt

An external source of finance in the form of a loan from a bank.

Corporate Social Responsibility (CSR)

Actions taken by a business that go above and beyond legal obligations to commit to the community, environment, and economy.

Solicitor

A professional who provides advice on legal matters and changes in business legislation.

Accountant

A professional who provides advice on financial management, cash flow, taxation, and profit/loss.

Business Incubator

An organisation that supports new businesses by providing premises, advice, and training at a minimum cost.

Business Mentor

A person experienced in running a business who offers support and advice to new business owners.

Societal Attitudes

The shared ideas and beliefs that a community holds, which can influence business products or services.

Work-life Balance

Keeping a healthy balance between work and personal life.

Trend

Changes in what people like or how they behave that businesses study to understand customer interests.

Taxation Requirements

Laws requiring businesses to register for an ABN and TFN, and pay taxes like GST to the ATO.

GST (Goods and Services Tax)

A tax that businesses with a turnover of $\$75,000$ or more must register for, charging a rate of $1/11^{th}$ on sales.

Interest Rate

The cost of borrowing money or the reward for saving, usually expressed as a $\%$.

Unemployment Rate

The $\%$ of the labour force that is unemployed but actively looking for work.

Consumer Confidence

How optimistic people feel about the economy and their spending.

Globalisation

The process by which governments, businesses, and people across the globe become more interconnected.

Differentiation

Distinguishing a business's goods and services from competitors selling similar items.

Offshoring of Labour

Moving production overseas to another country to reduce costs or access specialised skills.

Exchange Rate

The relative price at which the currency of one country can be exchanged for another.

Customer Needs

The essential requirements that customers intend to fulfil with a purchase.

Suppliers

Any business that provides resources (tangible or intangible) for an entity to use in creating their product.

Supply Chain

The flow of inputs from raw materials through to delivering the final product to consumers.

Inputs

The resources used by a business to produce goods and services.

Outputs

The final goods or services produced that are delivered to customers.

Wholesaler

A business that sells products in large quantities at lower prices than retailers.

Retailer

A business that sells products directly to customers.

Special Interest Groups (SIG)

Organisations like unions or lobby groups that seek to influence laws or behaviours for a specific cause.

Unions

Organisations that represent and speak on behalf of employees to protect wages and working conditions.