Entrepreneurship & Business Studies – Learner Notes (Term 3)

Vocabulary flashcards covering entrepreneurships, business planning, teamwork, and conflict management concepts from the notes.

Business skills

Includes skills such as marketing, financing, purchasing and organizational skills.

Perseverance

An entrepreneur does not give up despite challenges and problems.

Sustainability

The ability of a business to continue without damaging the environment and the community; involves the triple bottom line (profits, people, planet) and responsible practices.

Profitability

Financial gain; the business makes money and seeks a good return on investment for investors.

Customer base

The number of customers in the database who buy the product or service; used to market and grow sales.

Passion

Strong belief and enthusiasm to achieve the best outcome.

Opportunity

Gaps in the market where an entrepreneur can make money.

Confidence

Belief in oneself and one's abilities; a positive, determined mindset.

Taking risks

Willingness to undertake calculated risks and invest resources in uncertain ventures.

Creativity

Coming up with something new or doing things in a new way to solve problems.

Entrepreneur

A person who demonstrates the attitudes, behaviours, knowledge and skills to start and succeed in a business venture.

Entrepreneurship

The process of starting and running a new business venture.

Innovation

Introducing new ideas or doing things in a new way to meet needs.

Vision

A clear long-term goal or direction for the business.

Communication skills

Ability to communicate the business vision and goals to workers and stakeholders.

Honesty and ethics

Honesty builds trust; ethics govern conduct and stewardship of stakeholders.

Good management & organisation

Skills to manage and organise; maintain control and see the bigger picture.

Responsibility

Willingness to take responsibility for decisions and outcomes.

Product and customer focus

Developing products/services with customers in mind to satisfy needs.

Knowing the market

Conducting thorough market research to understand customer needs and tastes.

Gantt chart

A bar chart showing a project schedule with start/finish dates, durations, tasks, and responsibility.

Work Breakdown Structure (WBS)

Divides the project into smaller tasks and levels; allocates responsibilities and can support a Gantt chart.

Timelines

A planning tool showing dates and sequence of activities; identifies milestones.

Action plan

A document detailing what tasks must be done, by whom, and by when to achieve goals.

Business plan

A written document outlining the nature of the business, objectives, marketing, and finances.

Business report

A written document sharing information on business activities, finances, investigations or disputes with stakeholders.

Business analysis

A method of investigating all aspects of a business to assess prospects.

Visual aids

Illustrations such as slides, posters or models used to support communication.

Feedback

Information about reactions to performance or a product used for improvement.

Transparency

A plastic sheet placed on an overhead projector to display information.

Audience

The people who watch or listen to a presentation.

Hand-outs

Printed information provided to accompany a presentation.

Analytical reports

Reports that provide data and conclusions, with recommendations.

Informative reports

Reports that present data without analysis or recommendations.

Verbal presentation

Oral presentations delivered to an audience.

Non-verbal presentation

Presentations using printed media such as reports and handouts.

Workplace forum

An elected body of employees in a workplace (usually 100+ employees) to promote communication and resolve conflicts; established under labour law.

Trade union

A legal entity representing workers, capable of negotiating salaries and conditions; differs from a workplace forum.

Group consensus

Process where a group discusses facts and ideas to reach an agreement acceptable to all; requires shared values and participation.

Belbin Role Theory

Nine team roles (e.g., Coordinator, Plant, Resource Investigator, Implementer, Team Worker, Shaper, Completer/Finisher, Specialist, Monitor Evaluator) used to balance a team.

Jungian theory

Personality theory: types include extrovert/introvert, sensing/intuition, thinking/feeling, judging/perceiving.

MTR-I Approach

Management Team Role Indicator; a model of team development with eight roles (e.g., Coaches, Explorers, Innovators, Conductors, Scientists, etc.).

Margerison-McCann team profiles

A theory of eight management styles to build balanced, high-performing teams; focuses on individual development and team integration.

Group consensus (conflict context)

Consensus as a collaborative decision-making process in groups to resolve differences.

Traditional conflict theory

Conflict is bad and should be avoided; power is used to suppress oppositional forces.

Contemporary conflict theory

Conflict is a normal part of change; can be constructive and resolved through negotiation for win-win outcomes.

Workplace forums vs. trade unions

Workplace forums are employee bodies for consultation (not for wages), while trade unions negotiate wages and conditions.