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exam scope Flashcards

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1
Q

definiton: entreprenuership

A

the act of starting and operating a new business in response to opportunities, assuming all the risk in the hope of making a profit

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2
Q

4 personal motivations behind starting a business

A

-the desire for financial and personal independence
-to make a profit
-to fufill a market need
-to fufill a social need

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3
Q

market need

A

Market need refers to the products that customers require that may not be available.

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4
Q

social need

A

the production or selling of goods and services for the purpose of making the world (or the community) a better place.

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5
Q

characteristics of successful business managers

A

-problem solving
-motivated
-leadership

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6
Q

characteristics of business entreprenuers

A

-risk taking
- initiative
-innovation

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7
Q

sources of business oppourtunity: innovation

A

the process of creating a new or significantly improved good, service or process (way of doing something).

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8
Q

sources of business oppourtunity: changing customer needs

A

*changing incomes
* changing tastes and fashions.

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9
Q

sources of business oppourtunity: technological development

A

refers to applications of knowledge that have changed people’s lives and changed the way in which businesses operate.

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9
Q

sources of business oppourtunity: research and development

A

the process of developing new products in response to the actions of competitors, or to improve existing products so that they become superior to those of competitors.

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10
Q

sources of business oppourtunity: global markets

A
  • the opportunity to grow and further expand a business
  • reduced dependence on local markets
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11
Q

goal setting importance

A

A business goal describes what a business expects to accomplish over a set period.

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12
Q

decision making importance

A

identifying available options and then choosing one course of action from the alternatives.

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13
Q

SMART goals

A

S- specific
M- measurable
A- attainable
R- relevent
T- time-bound

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14
Q

definition: market research

A

a process of collecting, recording and analysing information concerning a specific market

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15
Q

market research process

A

1: identify information needed
2: gathering relevant information
3: analysing and interpreting

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16
Q

initial feasibility studies

A

A feasibility study is an assessment of the business idea’s potential for success.

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17
Q

contribution a business makes to the economic wellbeing of a nation

A

employment and economic growth

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18
Q

contribution a business makes to the social wellbeing of a nation

A

providing jobs, social connections

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19
Q

internal environment of a business (micro environment)

A

Definition: factors over which the business has some degree of control.
EXAMPLES:
employees
managers
business location
sources of finance

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20
Q

external environment of a business

A

Definition: factors over which the business has little control. It may be further divided into two categories: operating and macro.
EXAMPLES:
customers
competitors
CSR
global issues

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21
Q

sole trader

A

a business owned and operated by one person

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22
Q

partnership

A

an unincorporated business structure with a minimum of 2 and a maximum of 20 owners

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23
Q

private limited company

A

an incorporated business with a minimum of 1 shareholder and a maximum of 50 non-employee shareholders

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24
public listed company
an incorporated business with a minimum of one shareholder (and no maximum), and whose shares are openly traded on the Australian Securities Exchange
25
factors affecting the choice of business structure
Large businesses have more opportunities for equity capital than small businesses. Most small businesses have to raise equity from private sources or by taking on a partner.
26
online business (advantage & disadvantage)
advantage: able to reach customers across the globe via the internet disadvantage: customers are not able to physically see, touch or try an item before purchasing it
27
direct-to-consumer business
Direct-to-consumer businesses sell their products directly to consumers without any intermediaries, such as retailers or wholesalers.
28
bricks-and-mortar business
the traditional business model that is based on a store with a physical presence, such as those located on shopping strips and in shopping centres
29
franchise
when a business sells to others the rights to distribute its goods and use the business name
30
importer and exporter
IMPORTS: goods and services that are produced overseas and sold to Australian consumers EXPORTS: goods and services that are produced in Australia to be sold overseas
31
Business resource needs (natural, labour and capital)
Natural: Used in the production of many types of goods such as crops, as well as services Labour: Needed to produce particular goods and services Capital: Used by businesses in the production of many goods and services
32
Business locations and the factors affecting choice of location
Local government- zoning determines where some types of businesses can operate.
33
Sources of finance available to establish a business and the factors affecting the type and source of finance chosen.
external sources of finance short term: -bank bills -trade credit long term: -leasing -bank loans internal sources of finance -self funding -shares
34
Business support services -legal
SOLICITOR: will often be required to draw up a legally binding partnership agreement.
35
Business support services -financial
ACCOUNTANT: for a better understanding of the tax and financial costs associated with each structure as well as registering the business
36
Business support services -technological
This service provides free practical advice on a range of topics, including establishing an online presence, e-commerce, social media and online marketing.
37
Business support services -community based
the primary focus of these clubs is to provide business people with an opportunity to engage in community service projects, membership can put business owners in touch with other local businesspeople.
37
Business support services -formal and informal networks
Local government: Local councils offer advice on land zoning, assist with subsidised land and consider development applications. Federal government: The federal government delivers assistance, programs and services that support businesses. State government: the Department of Jobs, Precincts and Regions’ Business Victoria website provides entry and links to information and support on all aspects of starting and managing a business.
38
Business support services -business mentors
can provide invaluable advice and strategies to the small business owner on a variety of issues.
39
Macro environment
*CSR *global issues *economic conditions *legal & gov regulations *Societal attitudes and behaviours *technological considerations
40
SWOT analysis
S-strengths W-weaknesses O-oppourtunities T-threats S&W: internal assesment O&T: external assesments
41
Corporate social responsibility
managing a business in such a way that the boarder social welfare of the community, including the employees, customers, suppliers and the environment, is taken into considerationn when making business decisions
42
macro environment that affects business planing
*CSR *global issues *economic conditions *legal and gov regulations *sociatal attitudes and behaviours *technological considerations
43
operating environment that affects business planing
*suppliers *competitors *customers *special interest groups
44
federal gov obligations
* payment of taxes for employees (earning above the minimum taxable income level) and for businesses with company tax and GST * provision of employee superannuation * observance of customs regulations * abiding by relevant legislation that would affect business operations.
45
state gov obligations
* provision of employee entitlements, including workers compensation, work health and safety (WHS) requirements, award rates of pay and entitlements * payment of payroll taxes * abiding by relevant state legislation (e.g. health, trade practices, employment) * abiding by pollution controls.
46
local gov
* approving new development and alteration (to an existing building) applications *fire regulations * parking regulations (e.g. provision of parking by new businesses) * size, location and shape of business signs.
47
Societal attitudes and behaviours values & beliefs
Values and beliefs refer to the shared principles and morals of a group of people or society ideals about what is good or bad and necessary or unnecessary
48
Economic conditions -interst rates
the price charged or paid for the use of money that has been deposited or borrowed
49
Economic conditions -employment levels
During an expansion, employment levels will typically rise while unemployment levels will fall. During an economic contraction, employment levels will fall and unemployment levels will rise.
50
Economic conditions -tax rates
A tax rate is the percentage of income or value of a good, service or asset paid as tax.
51
Economic conditions -levels of consumer confidence
how businesses and customers are feeling about the economy. consumer confidence high= optomistic to maintain employment and about financial situation, will spend consumer confidence low= unsure about maintaining employment struggling financially, wont spend
52
Technological considerations- how businesses adapt to developments in technology
*machinery *online shops to reach bigger market *self checkout
53
Global considerations -overseas competitors
Most businesses may need to contend with competitors for who many be able to gain a competitive advantage due to issues such as cheaper malfacturing costs.
54
Global considerations -overseas markets
By selling goods overseas, this creates oppourtunities for a greater number of potential customers.
54
Global considerations -patenting
A patent is an exclusive right granted for any device, substance, method or process that is new, inventive and useful. This is legally enforceable and gives the owner exclusive rights to use the invention for commercial purposes for the life of the patent.
54
Global considerations -exchange rates
the price of one country’s currency expressed in terms of another country’s currency
55
Global considerations - offshoring of labour
Means more roduction overseas *staff most expensive part of business *labour cheaper overseas *plan for employment laws, cost increases in transport, local disasters, political unrest
56
Global considerations -copyrights
*free and automatic protection of original works, such as writing, music, art, films, sound recording, broadcasts and computer programs. *not necessary in Australia, but placing a copyright notice in a prominent place on any work can act as a reminder to competitors. *can be a requirement in some countrys to establish copyright
57
Global considerations -trademarks
*right granted over a letter, word, phrase, number, sound, small shape, logo, picture or aspect of packaging that a business will use to represent its products and servies. *A regestered trademark is legally enforcable and gives the businesss owner exclusive rights to use it for commercial purposes, licence it or sell it for the goods and services that it is regestered under.
58
Global considerations -online sales
*long-term costs will be reduced, business is not required to pay for premises and expenses such as electricity and water. *the business will reach a wider market
59
Corporate social responsibility considerations- environmental considerations
Ensure that the business’s production process will not have a serious or negative impact on the environment.
60
Corporate social responsibility considerations-planning for socially responsible production of goods and services
ensure that the production process does not have serious or negative impacts on community health and social conditions. -purchase materials from local suppliers (supporting community through employment)
61
Suppliers of business resources and considerations- supply chain
the range of suppliers from which the business purchases materials and resources **include where resources are sourced and how they reach the business
62
Suppliers of business resources and considerations- special interest groups (environmental lobby groups)
special interest groups that promote environmental issues to the public, government and businesses
63
Suppliers of business resources and considerations- special interest groups (business associations)
organisations that support businesses through the provision of training and education programs, advice and information
64
Suppliers of business resources and considerations- special interest groups (unions)
organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and working conditions
65
Societal attitudes and behaviours- trends
A trend is the general direction in which people’s attitudes or behaviour in society is developing or changing.
66
technological considerations
methods, systems and devices that are the result of scientific knowledge being used for practical purposes
67
special interest groups
the groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures

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