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Business Management Unit 1 Georgie Hrehoresen > AOS 1 > Flashcards

AOS 1 Flashcards

1
Q

business managers

A

individuals who run the business day to day

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2
Q

entrepreneurship

A

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

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3
Q

shared vision

A

a clear understanding of what the business will look like in the future

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4
Q

enterprise

A

able to come up with new ideas and improvements

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5
Q

characteristics of successful manager

A
  • communication skills
  • determination
  • knowledge
  • strong ethics
  • flexibility
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6
Q

entrepreneur

A

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

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7
Q

entrepreneur skills

A
  • risk taking
  • leadership
  • innovation
  • communication
  • decision making
  • networking
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8
Q

characteristics of successful entrepreneurs

A
  • willingness to take calculated risks
  • strong networking ability
  • determination
  • innovative qualities
  • resourcefulness
  • knowledge
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9
Q

personal motivation for starting a business definition

A

success or failure of a business depend on the owners abilities, resources available, ethusiasm, initiative, level of management expertise, motivation

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10
Q

extrinsic motivation definition

A

when motivations are made is due to what personal benefits may be received

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11
Q

extrinsic motivation examples

A
  • awards
  • public recognition
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12
Q

intrinsic motivation definition

A

when motivations are made from internal rewards, receiving something beneficial to you

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13
Q

intrinsic motivation examples

A

*doing something because it interests you
*doing something to benefit others

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14
Q

personal motivation for starting a business factors

A
  • personal independence
  • financial independence
  • to make a profit
  • to fulfill a market need
  • to fulfill a social need
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15
Q

personal independence definition

A

an individual being in control of their own decisions and actions

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16
Q

personal independence examples

A

*work for themselves
* work where they want
*greater control

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17
Q

financial independence definition

A

the ability to fund a desired lifestyle without relying on income from another individual

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18
Q

financial independence examples

A

*dont have to rely on being paid by employer
* able to retire sooner

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19
Q

to make a profit definition

A

involves a business generating more revenue than expenses incurred

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20
Q

to make a profit example

A

*hopeful of eventual profits

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21
Q

to fulfill a market need definition

A

when a business fills a gap in market by addressing customer needs that’re currently unmet or unpresent in the same industry

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22
Q

to fulfill a market need examples

A

*recognising good/service are in demand but not available
* invention or development of new product

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23
Q

fulfilling a social need definition

A

improving society and the environment through business activities

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24
Q

fulfilling a social need examples

A

*preventing homelessness
*aiding disadvantaged individuals

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25
Q

sources of business opportunity factors

A

*innovation
*entrepreneurship
*market opportunities
*changing customer needs
*global markets
*research and development
*technological development

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26
Q

innovation defintion

A

creating and implementing new ideas or significantly improving upon an existing good, service or process

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27
Q

innovation examples

A

*fuel vehicles to electric vehicles
*reactive medicine to vaccines
*landline phones to mobile phones

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28
Q

business opportunity defintion

A

a favourable situation that can lead to improvements or success of a business

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29
Q

market opportunity definition

A

a need or want thats not currently being met by any business

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30
Q

market opportunity examples

A

*something missing

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31
Q

gap in the market definition

A

something that’s currently not being fulfilled within the market

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32
Q

changing customer needs definition

A

the transitions in the desires of consumers

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33
Q

changing customer needs factors

A

*convenience
*technology
*trends
*ethical behaviour

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34
Q

research and development definition

A

activities undertaken to improve existing products, create new products or improve processes

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35
Q

technological development definition

A

the invention and innovation of tools that solve problems and enhance processes

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36
Q

technological development examples

A

*online shopping
*smartwatches
*click and collect

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37
Q

global markets defintion

A

the area in which businesses trade goods and services, compromised of both businesses and customers from countries all across the world

38
Q

business goals definition

A

describes what a business expects to accomplish over a set period of time

39
Q

business goals examples

A

*provides a sense of direction
*helps measure results
*helps generate new ideas

40
Q

business strategies strategies

A

a series of actions that a business will implement to achieve its goals

41
Q

goal setting is broken into:

A
  1. mission statement
    2.vision statement
42
Q

mission statement defintion

A

description of what the business does and how it will achieve its goals

43
Q

vision statement defintion

A

description of whether business wants to get in specific time period

44
Q

process of setting goals

A

smart goal

45
Q

smart goal meaning

A

Specific
Measurable
Achievable
Relevant
Time bound

46
Q

types of goals listed

A

*finance goals
*social goals
*personal goals

47
Q

return of investment defintion

A

the net profit divided by investment cost, demonstrated as a percentage

48
Q

market share definition

A

the portion of the market controlled by a company or product

49
Q

finance goals examples

A

*make a profit
*increase sales
*increase market share
*expand business
*maximise of return on investment
*improving way business operates, effectiveness and efficiency

50
Q

social goals examples

A

*sponsorship
*provision of employment
*social justice

51
Q

personal goals examples

A

*higher income
*improved financial security
*motivation for business owner

52
Q

decision making definion

A

is the process of identifying the options available and choosing a specific course of action. DON’T USE THE WORD DECISION WHILST DEFINING

53
Q

process of decision making

A

DODSE

54
Q

DODSE explained

A
  • Define the objective
  • Outline the facts
    *Develop several solutions
  • Select the preferred alternatives and implement
  • Evaluate effectiveness of the solution
55
Q

business concept development definition

A

a brief outline of the business idea, main selling activities and the features that’ll provide it with a competitive advantage. MUST IDENTIFY A GAP IN THE MARKET

56
Q

protecting business ideas listed

A

*trademark
*patent
*copyright
*domain name

57
Q

market research definition

A

the process involving gathering and analysing info concerning the activities and behaviours of both the customers and competitors, within a specific industry

58
Q

market research process

A
  1. identifying
  2. gathering
  3. analysing
59
Q

market research questions definition

A

market research seeks to gather both quantitative and qualitative data, providing potential business owners understanding as to whether or not the business is viable

60
Q

quantitative data defintition

A

numerical data such as figures and statistics

61
Q

quantitative data examples

A

*how many competitors are in the market
*what prices are customers are willing to pay

62
Q

qualitative data defintion

A

non-numerical data such as opinions or written survey responses

63
Q

qualitative data examples

A

*what are strengths and weaknesses of competitors
*what’re customers looking for in their products

64
Q

initial feasibility study defintion

A

a researched evaluation of how viable a business concept is

65
Q

areas of feasibility to consider

A

*market feasibility
*operational feasibility
*commercial feasibility
*technical feasibility
*legal feasibility

66
Q

market feasibility defintion

A

using market research to develop an understanding of the market conditions

67
Q

market conditions defintion

A

factors that make up and influence an idnustry

68
Q

operational feasibility defintion

A

research into what kind of employees will be required, what equipment is needed and how available both these resources will be

69
Q

commercial feasibility definition

A

is broken into 2 groups.

  1. entrepreneur must be able to afford initial costs of setting up the business
  2. business manager must also be able to identify if the industry and its consumers are willing to support the business
70
Q

technical feasibility defintion

A

examines the current skills of potential business owners and abilities to help the business achieve its goals

71
Q

legal feasibility defintion

A

business owner will need to understand all associated legal regulations when it comes to starting a business

72
Q

legal feasibility factors

A

*permits
*qualifications
*taxes

73
Q

how businesses contribute to the nation defintion

A

businesses in aus make a significant contribution to the nation. both to the economic and social wellbeing.

74
Q

businesses contributing to the nation is broken into

A
  1. Economic wellbeing
    2.Social wellbeing
75
Q

economic wellbeing defintion

A

the level of income, consumption and wealth people/households have to support their living standards

76
Q

economy defintion

A

a system set up to determine what to produce, how to produce and how production is distributed

77
Q

economic wellbeing is divided into

A

*employment opportunities
*taxation revenue
*infrastructure
*economic growth
*international trade
*research and development

78
Q

employment oppurtunities defintion

A

derive from businesses requiring labour to produce goods and services

79
Q

taxation revenue defintion

A

a compulsory payment to the government, used to finance the provision of public goods and services

80
Q

economic growth defintiion

A

the total value of growth and services produced by an economy increases over a period of time

81
Q

international trade defintion

A

the exchange of goods and services between countries

82
Q

research and development defintion

A

directing resources such as money towards discovering and creating new products and processes

83
Q

social wellbeing definition

A

a measure of the quality of life individuals have, reflected by their non-material living standards

84
Q

non-material living standards defintion

A

non physical factors influenced by quality of life experienced by individuals

85
Q

business innovation and entrepreneurship defintion

A

innovation and entrepreneurship are the 2 major influences on aus economic growth

86
Q

business innovation and entrepreneurship can be undertaken through:

A

*research and development
*council grants
*regional start-ups
*school-based entrepreneurial programs

87
Q

government investment in research and devlopment

A

research and development is an expensive and time consuming process

88
Q

government initiatives listed

A

*innovation connections
*research and development tax incentive
*accelerating commercialisation

89
Q

council grant defintion

A

a one off financial payment from a local council to a business

90
Q

school based entrepreneurship programs

A

can help introduce students to the business world, allowing them to develop business knowledge and problem solving skills

91
Q

regional start up hubs defintion

A

physcial spaces that individuals and businesses can utelise in order to have office facilities to work in, or to obtain support regarding business matter

92
Q

subsidy defintion

A

financial payment from government to individuals or business’ to promote specific behaviour

Business Management Unit 1 Georgie Hrehoresen (6 decks)

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