Glossary terms Flashcards
Define entrepreneurship
The process of establishing a new business to satisfy a need in the market, whilst taking on the associated risks.
Define manager
An individual who has the responsibility of overseeing and handling employees whilst also running day-to-day business tasks in order to achieve objectives.
Define entrepreneur
An individual who starts up a business whilst taking on the risks associated to satisfy a market need
Define innovation
The process of providing new solutions to existing problems by creating and implementing new ideas or significantly improving upon an existing good, service, or way of doing something.
Define market research
The process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry, such as the strengths and weakness of competitors, and how many customers are in a market.
Define economic wellbeing
Reflected by the level of income, consumption, and wealth people or households have to support their material living standards.
Define social wellbeing
A measure of the quality of life individuals have, reflected by their non-material living standards including general happiness, crime rates, environmental quality, education, and accessibility of healthcare.
Define personal independence
Involves a person being in control of their actions and decisions.
Define financial independence
The ability to fund a desired lifestyle without relying on an income from another individual.
Define profit
Generating more revenue then expenses incurred.
Define market need
A gap in the market represented by customer needs that are currently unmet or underrepresented by competitors in the same industry.
Define social need
An area of society, or the environment that needs to be improved.
Define technological developments
The invention and innovation of tools that solve problems and enhance processes.
Define global markets
The area in which businesses trade goods and services, comprised of both businesses and customers from all across the world.
Define market opportunity
A need or want that is not currently being met by any business.
Define research and development
Involves directing resources, such as money, towards discovering, creating, and introducing new products and processes.
Define business concept development
One of the first steps when starting a new business and includes stages such as the development of an initial idea, market research and writing up a business plan.
Define initial feasibility study
A researched evaluation of how viable a business concept is.
Define council grant
A one-off financial payment from local council to a business, which does not need to be repaid, that aims to support business ideas development.
Define start-up hubs
Physical spaces that individuals and businesses can utilise in order to have office facilities to work in, or to obtain support regarding business matters.
Define social goal
Targets set by a business that aim to improve the welfare of the community, environment, or its employees.
Define financial goal
Targets for improving the overall monetary performance of a business.
Define business goal
What a business wants to achieve within a specific time frame.
Define decision-making
The skill of selecting a suitable course of action from a range of plausible alternatives.
