AOS 1

Question 1

Business size

Answer 1

Number of employees, number of owners, legal structure, amount of revenue, amount of assets, market share

Question 2

Identifying business opportunities

Answer 2

innovation, entrepreneurship, market opportunities, changing customer needs, technological development, global market

Question 3

innovation

Answer 3

Creating or developing new messages, ideas or products in a new or already existing field

Question 4

Entrepreneurship

Answer 4

The ability to start, manage and operate a new business, in hopes of turning over a profit

Question 5

Market opportunities

Answer 5

A gap in the market where a product needed by consumers is not already being sold by a a rival company

Question 6

Changing customer needs

Answer 6

Changing the company to better support the needs of customers

Question 7

Technological development

Answer 7

Innovation in technology

Question 8

Global market

Answer 8

The market where goods and services are sold by someone from one country to someone in another

Question 9

Classifying a business

Answer 9

size, sector, business activity

Question 10

Business sector

Answer 10

private/public

Question 11

Business activity

Answer 11

primary, secondary, tertiary

Question 12

Personal motivation behind starting a business

Answer 12

desire for independence, profit, market need, social need

Question 13

Desire for independence

Answer 13

To have more freedom in where and when they work

Question 14

To make a profit

Answer 14

starting a brand to make money

Question 15

To fulfill a market need

Answer 15

Seeing that there are particular goods or services which there is demand for

Question 16

To fulfill a social need

Answer 16

Concentrates on the community or environmental need

Question 17

Goal setting

Answer 17

financial goals, social goals, personal goals,

Question 18

financial goals

Answer 18

to increase profit and grow the brand

Question 19

social goals

Answer 19

to serve the community better

Question 20

Personal goals

Answer 20

Goals not usually made public and for the owner themselves

Question 21

S.M.A.R.T. goals

Answer 21

Specific, measurable, attainable, relevant and time bound

Question 22

Characteristics of successful business managers and entrepreneurs

Answer 22

entrepreneurs, a clear vision, initiative, innovation and enterprise

Question 23

Entrepreneurs

Answer 23

a person who is willing to take risks and seize opportunities to start and operate a business in the hope of making a profit

Question 24

A clear vision

Answer 24

Have a clear understanding of what the future of the business should look like and can build a cohesive team to achieve the goal

Question 25

Initiative

Answer 25

Take the first necessary steps independently and without promptings or instruction

Question 26

Innovation and enterprise

Answer 26

Invests effort to develop or create something new

Question 27

Personal characteristics to establish a business

Answer 27

Courage, determination, initiative, risk-taker, headstrong, energy, wide range of skills

Question 28

Protecting IP

Answer 28

Trademark, patent, copyright, design rights, domain name

Question 29

Trademark

Answer 29

Right granted over a letter, word, phrase, number, sound, smell, shape, logo, picture or aspect of packaging

Question 30

Patent

Answer 30

Right granted for any device, substance, method or process that is new inventive and useful

Question 31

Copyright

Answer 31

Protection of original works, e.g. writing, music, art or film

Question 32

Design rights

Answer 32

Rights given to commercially use, license or sell a design

Question 33

Domain name

Answer 33

A potential owner can register a domain name so that no one else can use it

Question 34

Feasibility study

Answer 34

An assessment of the business idea’s potential for success

Question 35

Market research

Answer 35

A process that involves gathering and analyzing information in a specific market

Question 36

The contribution of businesses to the nation

Answer 36

The economy, social wellbeing

Question 37

Economic contribution

Answer 37

Contributing to employment and taxation revenue, economic growth (an increase in the real value of goods and services), export earnings, research and development

Question 38

Social wellbeing contribution

Answer 38

Career and social wellbeing, innovation, corporate social responsibility, allows people to have jobs

Question 39

Methods for fostering a culture of business innovation and entrepreneurship in a nation

Answer 39

Government investment in research and development, council grants for new businesses, business mentorships, school-based educational programs in entrepreneurship, regional business start-up hubs

Question 40

Government investment in research and development

Answer 40

Federal and state governments support businesses to conduct R&D via direct funding, grants and tax incentives.

Question 41

Council grants for new businesses

Answer 41

Local councils will provide business grants and funding programs. Occasionally these will apply to new businesses

Question 42

Business mentorships

Answer 42

A business mentor is a person with extensive business experience who can guide a business owner with less experience

Question 43

School-based educational programs in entrepreneurship

Answer 43

Awareness of entrepreneurship through education and information programs

Question 44

Regional business start-up hubs

Answer 44

business enterprise centers that provide support to small business owners

Question 45

private sector

Answer 45

privately owned by a person or a company

Question 46

public sector

Answer 46

publicly/government owned, shares