Business yr 11 term 1 SAC NOTES!!!

A business concept

is the core idea behind a business.

• It explains what the business offers,

• who its customers are, what makes it unique, and how it plans to succeed.

• It includes the product or service, target market, value proposition, and business model.

• how the business will operate and make money.

Business contribution to nation 

SUPPORTING THE NATION WITH THEIR business

• Businesses help a nation by boosting the economy, creating jobs, and driving innovation

• businesses often support communities through charity and social efforts

• They pay taxes that fund public services and contribute to exports, strengthening trade

A culture of business innovation means encouraging new ideas and creativity. To create this culture, businesses:

1. Encourage taking risks and trying new things.

2. Promote teamwork and sharing ideas.

3. Support continuous learning and skill development.

4. Have leaders who back innovation.

5. Reward creative ideas and solutions.

This helps businesses stay fresh, competitive, and grow.

A feasibility study is an assessment of the practicality and potential success of a proposed project or business venture.

Market Feasibility: Assesses demand, target audience, competition, and trends.

Technical Feasibility: Evaluates technical requirements and resources needed.

Financial Feasibility: Analyzes costs, revenue, funding, and profitability.

Legal Feasibility: Identifies legal constraints and regulatory compliance.

Operational Feasibility: Examines infrastructure, personnel, and processes needed.

Initial feasibility is an early evaluation of a business idea to quickly assess its potential, including market demand, costs, and risks, to decide if it’s worth pursuing further

Market research is the process of collecting and analyzing data about a market, including customers, competitors, and trends. It helps businesses understand customer needs and make informed decisions.

Market conditions refer to the current state of a market, including factors like demand, competition, and economic trends that affect business decisions, to help the business grow

INNOVATION- CHANGE AND improve

Business Idea: Eco-Friendly Packaging Solutions

Concept: Provide biodegradable, sustainable packaging alternatives (e.g., plant-based plastics, recycled paper) for businesses, especially in food, retail, and e-commerce.

Target Market: Small to medium businesses focused on sustainability.

Value Proposition: Affordable, eco-friendly packaging to help businesses reduce environmental impact.

Revenue Model: Direct sales, subscription services, and consulting.

Personal motivations for starting a Business 

Financial Independence: Earning more money and controlling your financial future.

Passion: Turning a love for a product or service into a business.

Flexibility: Being your own boss and setting your own schedule.

Problem-Solving: Addressing unmet needs or challenges in the market.

Creative Expression: Showcasing your creativity and innovation.

Legacy: Building something lasting or impactful.

Personal Growth: Learning new skills and overcoming challenges.

Control: Having more autonomy over your career.

Making a Difference: Creating a positive impact on society.

Entrepreneurship is the process of starting and running a business to bring new ideas or products to the market. It involves taking risks, innovating, and identifying opportunities to create and grow a business.

A business opportunity is a potential idea or venture that can be developed into a profitable business by addressing market gaps or unmet needs.

Goal setting is defining clear, measurable objectives to provide direction, focus, and motivation, helping track progress over time.