Chapter 2: The Business Idea Flashcards
(3 cards)
1
Q
It is a set of circumstances that presents itself as an avenue to success. This is done by recognising and taking advantage of market opportunities, identifying changing customer needs, research and technological and global markets.
A
Business Opportunity
2
Q
The definition may very however generally refers to the way of doing something. Innovation is either creating a new good, service or process, or significantly improving an existing one.
A
Innovation
3
Q
It is the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit.
A
Entrepreneurship
