1- The Business Idea 1.2-1.15 Flashcards
(17 cards)
Q: What is entrepreneurship?
A: The process of creating and operating a new business in response to opportunities, while taking on risks to make a profit.
Q: What are some personal motivations for starting a business?
A: Desire for independence, making a profit, fulfilling a market need, and fulfilling a social need.
Q: What are key characteristics of successful entrepreneurs?
A: Ability to take risks, share a vision, demonstrate initiative, innovation, and enterprise.
Q: What characteristics define successful business managers?
A: Ability to see through long-term projects, leadership qualities, organizational skills, and managed risk-taking.
Q: Why is self-assessment important for business owners?
A: To determine if they possess the necessary attributes for operating a successful business.
Q: What can lead to identifying business opportunities?
A: Innovation, market opportunities, changing customer needs, research and development, technological development, and global markets.
Q: How can invention and innovation impact business?
A: They can lead to new or improved products, forming the basis for establishing a business.
Q: What is the role of creativity in converting an innovative idea into a business?
A: It requires creativity and risk-taking ability for success.
Q: What is a business goal?
A: What a business expects to accomplish over a set period, providing a defined purpose.
Q: What are the three broad goals businesses strive to achieve?
A: Financial, social, and personal goals.
Q: What is decision-making in business?
A: The ability to identify options and choose a specific course of action from alternatives.
Q: What does a business concept describe?
A: The core activities, specific features and value of goods/services, and the target market.
Q: Why is market research important for a prospective business owner?
A: To determine the viability of their business concept.
Q: What is a feasibility study?
A: An assessment of a business idea’s potential for success and practicality in the market.
Q: How do businesses contribute to a nation’s economy?
A: By providing employment, contributing to taxation revenue, boosting economic growth, and supporting research and development.
Q: What is the social contribution of businesses to a nation?
A: Supporting career development, innovation, and corporate social responsibility.
Q: How can a culture of business innovation and entrepreneurship be fostered?
A: Through government investment in R&D, grants for new businesses, educational programs, and regional business start-up hubs.
