Business Yr 11

Business Concept: The core idea behind a business, explaining what it offers, who the customers are, what makes it unique, and how it plans to succeed.

Business Contribution to Nation: Businesses boost the economy, create jobs, support communities, pay taxes, and contribute to exports.

Culture of Innovation: Businesses encourage creativity by taking risks, promoting teamwork, supporting learning, and rewarding new ideas to stay competitive.

Feasibility Study: Assesses the practicality of a business idea by evaluating market demand, technical requirements, financial aspects, legal issues, and operational needs.

Market Research: The process of collecting and analyzing data about customers, competitors, and trends to help businesses make informed decisions.

Market Conditions: The state of a market, including demand, competition, and economic trends, that affects business decisions.

Innovation: The process of changing and improving products or services.

Business Idea (Eco-Friendly Packaging): Provide sustainable packaging solutions for businesses focused on sustainability (e.g., plant-based plastics).

Personal Motivations for Starting a Business: Financial independence, Passion for an idea, Flexibility and control, Problem-solving, Creativity, Leaving a legacy, Personal growth, Making a difference

Entrepreneurship: The process of starting a business by taking risks and innovating to create new opportunities.

Business Opportunity: An idea that can be developed into a profitable business by addressing market needs.

Goal Setting: Defining clear objectives to provide direction, focus, and track progress.