chapter 1 Flashcards
(22 cards)
financial goals
Targets set for improving the overall financial performance of a business
Social goals
social goals are targets set by a business that aim to improve the welfare of the community, environment or employees of the business
SMART Goals
S - specific, goals should be clear and focused
M - measurable, goals should be quantifiable
A - attainable, goals should be challenging but they should be realistic
R - relevant, goals should be worthwhile
T - a deadline or time limit that should be set
Decision making
The skills selecting a suitable course of action from a range of plausible options
Business concept
A brief outline of the business’ idea, its main selling activities and the features that will provide it with a competitive advantage.
Entrepreneurship
is the
process of establishing a
business to satisfy a need
in the market whilst taking
on the associated risks.
Loan
involves borrowing
a sum of money from
another person or
institution, and then paying
the amount back at a later
date with interest attached.
Entrepreneur skills
- Risk-taking skills
- Leadership skills
- Innovation skills
- Communication skills
- Decision-making skills
- Networking skills
Personal independence
involves a person being
in control of their own
decisions and actions.
Financial independence
is the ability to fund a
desired lifestyle without
relying on income fr
Making a profit
involves
a business generating
more revenue than
expenses it incurred.
Fulfilling a market need
is when a business
fills a gap in the
market by addressing
customer needs that
are currently unmet or
underrepresented by
competitors in the
same industry
Fulfilling a social need
is improving society and
the environment through
business activities.
The characteristics of successful managers
- Communication skils
- Determination
- Knowledge
- Strong ethics
- Flexibility
business opportunity
is a favorable situation that can lead to improvements or success for a business.
market opportunity
is a need or want that is
not currently being met by
any business.
global market
is the area in which
businesses trade goods
and services, comprised
of both businesses and
customers from countries
all across the world.
Business goals
are what a business wants to achieve within a specific time frame.
Intellectual property (IP)
is an original creation of the mind that can be legally owned.
business concept
is a brief outline of the business’s idea, its main
selling activities, and the features that will provide
it with a competitive advantage.
Market research
is the process of
investigating and analysing
the activities and
behaviours of customers
and competitors in a specific industry.
