The Business Idea Flashcards
Review the information (44 cards)
Entrepreneur Definition
Someone who is willing to seize opportunities to start and run a business while being prepared to take on risks in the hope of making profit.
State the main 6 Important Skills of an Entrepreneur
Risk-Taking, Leadership, Innovation, Communication, Decision-Making & Networking Skills
State the 5 Personal Motivations behind Starting a Business
Independence: Personally & Financially, Profit, Market Need and Social Need.
What is a Business Opportunity?
A business opportunity could be: Ideas for a new product, new customers & new ways of running a business.
What is Innovation?
The process of creating a new good, service or process OR significantly improving an already existing one.
Define Research and Development? (R&D)
Expanding on knowledge of a product or process. Usually people will research and test things to gain more information.
What are Market Opportunities?
Being able to identify opportunities from changing markets and take advantage of it.
What is a Business Objective (Goal)?
It’s a goal that a business expects to accomplish over a certain period. It helps the business have a set direction. Business’ often develop business strategies to help achieve their goals.
What does S.M.A.R.T goal stand for?
S - Specific (clear & what the business needs to achieve)
M - Measurable (quantifiable to track progress)
A - Attainable (Challenging but possible)
R - Relevant (Beneficial)
T - Timebound (Clear time frame)
Define Business Concept Development
It’s a brief outline of the business’ idea, its main selling activities and features that give them a competitive advantage.
What is Market Research?
The process of analyzing the activities and behaviors of customers & competitors in a specific industry. It aims to get quantitive & qualitative data so they can understand the viability of their business idea.
Define Initial Feasibility Studies
It’s research that determines if a business concept is likely to be successful. You have to determine whether the concept is practical enough & can successfully get on the market.
Corporate Social Responsibility (CSR) Meaning
It’s the ethical conduct of a business whether is above or beyond legal obligations & the consideration of social, economic and environmental impacts when making business decisions.
PM: Independence - Personal
Being motivated to start a business so they can have freedom of where & when they work.
PM: Independence - Financial
Being motivated to start a business so they don’t have to rely on an employment for income and can still live on sufficient wealth.
PM: Profit
Being motivated to start a business to work harder believing they can earn more money by working for themselves.
PM: Market Need
Being motivated to start a business after recognizing a gap of skills or services in a particarlic local.
PM: Social Need
An already established business may be motivated to concentrate on on a type of community or environment need.
BO: Innovation
The process of creating a new or significantly improving a good, service or process.
BO: Market Opportunities
Being able to identify opportunities from changing markets and take advantage of them.
BO: Changing Customer Needs
Keeping up with society and consumers changes.
BO: Research & Development (R&D)
Expanding on the knowledge of products & processes, tied to technological development
BO: Technological Development
The development of new products & processes creates opportunities for people with business ideas.
BO: Global Markets
Goods & services are exchanged between businesses and customers across the world, it provides more customers & more sales.
