BUS MAN UNITS 1/2

Entrepreneurship

Entrepreneurship is the process of establishing a business to satisfy a need in the market whilst taking on the associated risks.

An entrepreneur 

An entrepreneur is an individual who starts up a business and takes on the associated risks in order to satisfy a need in the market.

Personal independence

Personal independence involves a person being in control of their own decisions and actions.

goods and services

Goods are physical items that satisfy an individual’s wants or needs, such as clothing.

Services are actions that are performed for customers to fulfil their wants or needs, such as a doctor’s appointment.

Financial independence 

Financial independence is the ability to fund a desired lifestyle without relying on income from another individual.

Making a profit

Making a profit involves a business generating more revenue than expenses it incurred

Fulfilling a market need 

Fulfilling a market need  is when a business fills a gap in the market by addressing customer needs that are currently unmet or underrepresented by competitors in the same industry.

Fulfiling a social need 

Fulfiling a social need  is improving society and the environment through business activities.

A social enterprise

A social enterprise is a type of business that aims to fulfil a community or environmental need by selling goods or services.

A manager 

A manager is an individual who has the responsibility of overseeing and handling employees whilst also running the day-to-day business tasks to achieve objectives.

Innovation 

Innovation involves creating and implementing new ideas or significantly improving upon an existing good, service, or way of doing something.

A business opportunity

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

A market opportunity 

A market opportunity  is a need or want that is not currently being met by any business.

Changing customer needs 

Changing customer needs  are the transitions in the desires of consumers.

Research and development

Research and development involves directing resources, such as money, towards discovering, creating, and introducing new product

Technological developments

Technological developments are the invention and innovation of tools that solve problems and enhance processes.

The global market 

The global market  is the area in which businesses trade goods and services, comprised of both businesses and customers from countries all across the world.

Business goals 

Business goals are what a business wants to achieve within a specific time frame.

Business strategies

Business strategies are a series of actions that a business will implement to achieve its goals.

Financial goals 

Financial goals are targets for improving the overall financial performance of a business.

Social goals 

Social goals are targets set by a business that aim to improve the welfare of the community, environment, or employees of a business.

Profit margin

Profit margin is the proportion of revenue left over from the sale of a good or service after a business has deducted its expenses.

Decision-making 

Decision-making is the skill of selecting a suitable course of action from a range of plausible options

A business concept 

A business concept  is a brief outline of the business’s idea, its main selling activities, and the features that will provide it with a competitive advantage.

Intellectual property (IP) 

Intellectual property (IP)  is an original creation of the mind that can be legally owned.

Market research

Market research  is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.

Quantitative data & Qualitative data

Quantitative data  is numerical data, such as figures and statistics.

Qualitative data  is non-numerical data, such as opinions or written survey responses.

An initial feasibility study 

An initial feasibility study  is a researched evaluation of how viable a business concept is.

Economic wellbeing 

Economic wellbeing  is reflected by the level of income, consumption, and wealth people or households have to support their material living standards.

Tax

Tax is a compulsory payment to the government, which is used to finance the provision of public goods and services.

Infrastructure

Infrastructure is the essential facilities and structures that are required for an economy to operate.

Economic growth & gross domestic product (GDP).

Economic growth  is when the total value of goods and services produced by an economy increases over a period of time. Economic growth can be measured by gross domestic product (GDP).

Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time.

International trade

International trade  is the exchange of goods and services between different countries.

Research and development 

Research and development involves directing resources, such as money, towards discovering, creating, and introducing new products and processes.

Social wellbeing 

Social wellbeing is a measure of the quality of life individuals have, reflected by their nonmaterial living standards.

Exporting, Importing &i Non-material living standards

Exporting is selling a product to a customer in another country.

Importing is purchasing products from another country.

Non-material living standards are nonphysical factors that influence the quality of life experienced by individuals.

A council grant 

A council grant is a one-off financial payment from a local council to a business, which does not need to be repaid, that aims to support business ideas and development.

Start-up hubs

Start-up hubs are physical spaces that individuals and businesses can utilise in order to have office facilities to work in, or to obtain support regarding business matters.