U1 AOS 1 Business Management

Innovation

Changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding.

Entrepreneurship

Process of designing, launching and running a new business. It is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.

Market opportunities

As society's needs and wants change and evolve, so do the types of goods and services people want to purchase.

Gap in the market

An opportunity for a business to enter into an area of the market not currently being serviced.

Research and development

An activity undertaken by businesses to develop new methods and innovations for products and services.

Technological development

The development and impending availability of new technologies is often a source of ideas for a new business.

Profit

Revenue minus expenses.

To fulfil a market need

Recognising that people want to buy something not yet available on the market.

To fulfil a social need

The desire to give back or provide a service to benefit society.

Skills

The ability to do something well, gained through training and experience.

Qualities

Personal characteristics of an individual that makes up their personality and determine how they act in a situation.

Business goals

Statements that set out where the business sees itself in the future.

Business objectives

The stated, measurable targets of how to achieve business goals.

Core values

Demonstrate what the business stands for, its principles and beliefs.

Mission statement

A global statement that reflects a business's reason for being or purpose, and the way it will be managed in order to reflect its business values.

Vision statement

A statement that outlines the aspirations and values of a business.

Business concept

An idea for a business including basic information such as the product, the target market, plus proposed competitive advantage. May involve a new product or simply a new approach to marketing or delivering an existing product.

Market research

A systematic approach which assists a business to make decisions about consumers and the marketplace.

Feasibility study

Initial research that is required to determine whether the business concept is viable and likely to succeed.

Wellbeing

A good or satisfactory condition of existence. It usually centres on health, happiness and prosperity.

Mixed market economy

An economy that is based on both privately owned and run businesses and the government (public sector), which also provides goods and services.

Gross Domestic Product

Total market value of production in a country over a period of time minus the costs of production.

Balance of Payments

A record of the total value of money and capital and imports and exports between one country and another.

Imports

Goods and materials that come into Australia from other countries.

Exports

Goods and materials that Australia sends to other countries as part of trade.

Infrastructure

The foundations and investment needed in a country to provide the means for an economy to operate. It can include transport, communications, education, power and electricity services.

Better life Index (BLI)

Measures the standards of living across a number of different areas; e.g. housing, environment and social connections.

Global Innovation Index

Aims to capture the multi-dimensional facets of innovation and provide the tools that can assist in tailoring policies to promote long-term output growth, improved productivity and job growth.

Council grants

Money and incentives provided to businesses and individuals to pursue business idea and development.

Business mentorship

A person or program that offers knowledge, advice and experience to another person. Mentoring can be a highly effective way to provide people with the skills needed to develop a successful business.

Strategic goal

Broad, long-term outcomes or objectives that guide an organization's mission and vision.