AOS 1 Flashcards
(16 cards)
What is an entrepreneur?
A person who creates and operates a new business, usually in response to opportunities, while taking on the risk of the venture in the hope of making a profit.
Personal characteristics of entrepreneur
pursuing business opportunities, innovation, seeking growth
Personal Motivations
Desire for independence, Desire to make a profit, to fulfil a market need and to fulfil a social need
Desire for independence
-freedom to choose where and who they work with
-own business hours
-more control
Desire to make a profit
-monetary reward
- belief that they will make much more working for themselves instead of someone else
to fulfil a market need
- may have particular skill that could be the basis of a new business (see demand)
- invention of something new can inspire
To fulfil a social need
social enterprise may be established.
concentrates on a community or environmental need
business opportunities
Innovation, market opportunities, changing customer needs, research and development, technological development, global markets
innovation
Vision statement
Where you want to be in the future
Mission statement
supports vision statement and outlines what the business does and how to achieve the vision
SMART GOALS
Specific - clear and focused
Measurable - quantifiable contain numbers
Attainable - realistic but also challenging
Relevant - worthwhile
Time bound - deadline
Market Research
investigating and analyzing activities and behaviors of customers and competitors
gather quantitative and qualitative data
why is market research good?
helps you analyse and gather information regarding a certain market e.g interviews, focus groups, questionnaires, testing, online research
financial goals
make profit, increase sales, increase market share, expand business, improve, maximize return on investment
