KKA1 - KKA10 Flashcards
(25 cards)
What is the concept of entrepreneur
The process where you create and run a new buisness in responce to oppurtunities, assuming risks with the aim of making a profit.
What are the four main reasons why people start businesses?
- Financial and Personal Independence
- Make a Profit
- Fulfil a Market Need
- Fulfil a Social Need
These motivations often drive individuals to pursue entrepreneurship.
What is a market need?
A gap where a particular good or service is not available in a specific area.
Identifying a market need can motivate entrepreneurs to start a business, such as opening a bakery in a town without one.
What is an example of fulfilling a social need through business?
Providing opportunities for local unemployed people.
Organizations like The Big Issue exemplify social enterprises that address social needs.
Fill in the blank: The monetary reward from a business is known as _______.
profit
Profit is a significant motivating factor for many entrepreneurs.
What is the importance of market research in business?
To determine the existence of a market need.
Market research helps entrepreneurs identify gaps in the market.
What are the two key types of people that contribute to business success?
Business Managers and Entrepreneurs
What is a business manager responsible for?
Runs a business on a day-to-day basis, ensuring profitability
Fill in the blank: An entrepreneur is someone who is willing to seize _______ to start and operate a business.
opportunities
Define innovation in the context of entrepreneurship.
Adding a new product or significantly improving an existing product.
What is a business opportunity?
A set of circumstances that a person can perceive as an avenue to success.
For example, during the COVID-19 pandemic, selling reusable masks became a business opportunity.
List three sources of business opportunities.
- Innovation
- Market opportunities
- Changing customer needs
How does innovation relate to entrepreneurship?
Entrepreneurs use innovation to create opportunities that meet customer needs.
What is meant by market opportunities?
The realization that there is a ‘gap’ in a market that is not already being satisfied by existing businesses.
How do changing customer needs impact businesses?
Markets and customer needs change due to tastes, expectations, competition, and population changes, requiring companies to innovate.
What is the importance of research and development for businesses?
It creates opportunities to develop new products or improve existing ones, making them superior to competitors.
How does technological development create business opportunities?
It leads to new products and processes, enabling rapid communication and access to global markets.
What are two opportunities presented by global markets?
- Growing and expanding a business
- Reducing dependence on local markets
Fill in the blank: _______ is a key feature of entrepreneurship.
[Innovation]
True or False: Market opportunities are static and do not change over time.
False
What role does customer feedback play in business innovation?
It helps businesses adapt to changing needs and preferences.
List three technological developments mentioned.
- Internet
- Mobile phones
- Electronic funds transfer
What is the contribution of businesses to economic and social wellbeing?
They provide goods and services, create jobs, and enhance the quality of life.
What is the significance of goal setting in business?
It helps in decision making and provides direction for achieving success.
