U1, AOS 1 (Entrepreneurship)

Question 1

Social goals

Answer 1

• community service
• employment
• social justice
• ecological sustainability

Question 2

3 types of goals

Answer 2

1 financial goals
2. social goals
3. personal goals

Question 3

one idea relating to entrepreneurship, and explain

Answer 3

seeking growth
- explore/expand business (opening stores in aus or overseas, buying out competitors, hiring employees, expand product range
- expand profit

Question 4

decisions made by business owners

Answer 4

• product design
• prices
• operations (in store/online)
• who and how many ppl they employ

Question 5

What’s the T stand for in S.M.A.R.T goals, and meaning

Answer 5

• Timebound
• deadline/time limit

Question 6

What’s the A stand for in S.M.A.R.T goals, and meaning

Answer 6

• Attainable
• challenging but realistic

Question 7

Tech development

Answer 7

Tech always/constantly advancing

Question 8

Global makrkets

Answer 8

• importing/exporting
• selling to other countries

Question 9

Acronym for ‘goals’

Answer 9

• S.M.A.R.T goals

Question 10

How do businesses contribute to social wellbeing, and explain
*Hint: acronym

Answer 10

ICCS
- Innovation
- Career > idea of purpose, contributing
- Csr (corporate social responsibility > above and beyond legal allegations for the benefit of employees, enviro, community, customers
- social wellbeing

Question 11

how do businesses contribute economically, and explain
*Hint: acronym

Answer 11

TEEER
- Tax revenue > goes to good services benefiting community (eg: hospitals, schools)
- Employment > wage>ppl buy thing>supports businesses>sustains the economy
- Export earnings > exportation
- Economic growth > increase economy overtime
- R&D > research and development

Question 12

R&D (research and development)

Answer 12

• activities for improvement or creation
• done by bigger businesses with lots of money

Question 13

one idea relating to entrepreneurship, and explain

Answer 13

Pursuing business opportunities
- looking for opportunities constantly (eg: gaps in the market)

Question 14

school based educational programs/subjects

Answer 14

• schools offer students programs/subjects (BM, economics, competitions) which encourage entrepreneurship

Question 15

Decision making process and what it stand for

Answer 15

DOIAC
- Develop a goal
- outline the facts
- Identify alternative solutions
- Analyse the alternatives
- choose alternative and implement

Question 16

define decision making process

Answer 16

series of steps one or more individuals take to determine the best option or course of action to address a specific problem/situation.

Question 17

whats the M stand for in S.M.A.R.T goals and meaning

Answer 17

• measurable
• quantifiable, contains numbers

Question 18

whats the S stand for in S.M.A.R.T goals and meaning

Answer 18

• specific
• clear and focused

Question 19

one idea relating to entrepreneurship, and explain

Answer 19

innovation
- changing/improving > new ways of doing things/doing things that exist already
(processes or how a product works or looks; eg: apple’s (shop) innovative)

Question 20

Methods for fostering innovation and entrepreneurship

Answer 20

• G’ment invesment in R&D
• council grants for new businesses
• school based educational programs/subjects
• regional business start up hubs

Question 21

6 sources of business opportubnities

Answer 21

1. innovation
2. market opportunities (gap in market)
3. changing customer needs
4. tech development
5. R&D (research & development)
6. global markets

Question 22

importance of goal setting when running a business

Answer 22

• goals provide directions
  helps business; measure results, growth, achievements, downfalls
• visualise the future and where it wants to be
• no goals: no purpose and nothing to aspire to (no aspirations)

Question 23

desire for financial independence

Answer 23

• profit
  eg: increased income

Question 24

motivations behind starting a business
*list 4

Answer 24

1. desire for personal independence
2. desire for financial independence
3. fulfil a market need
4. fulfil a social need

Question 25

fulfil a market need

Answer 25

- gap in the market (eg: product/service not existent at all OR products existent in overseas market but not here 'locally')

Question 26

changing customer needs

Answer 26

- changing values in society (eg: sustainable, enviro focused, price conscious, educated, health conscious)

Question 27

desire for personal independence

Answer 27

- personal independence (eg: choosing own hrs, being ur own boss, working from home)

Question 28

2 ways businesses contribute to the nation

Answer 28

- economically - social wellbeing

Question 29

whats IP stand for and mean

Answer 29

intellectual property - a business overners idea or concept - PROTECT idea when developing a business concept

Question 30

council grants for new businesses

Answer 30

- provide business grants/funding programs

Question 30

whats R stand for in S.M.A.R.T goals and meaning

Answer 30

- relevant - worthwhile, supports other goals, based on current market conditions)

Question 31

personal goals

Answer 31

a goal for themselves (personal)

Question 32

whats IFS stand for

Answer 32

Initial Feasibility Study

Question 33

whats g'ment investment in R&D

Answer 33

g'ment helps with businesses with R&D through funding, grants and tax breaks

Question 34

explain business opportunituies

Answer 34

- situations/circumstances that arise like; changing customer needs, market opportunities - in which these circumstances offer a path to success

Question 35

explain business concept development

Answer 35

an idea a potential business owner is willing to develop. (eg: making decisions about the product, how it will be sold..)

Question 36

how is business concept development and business opportunities related/ connected

Answer 36

- a business opportunity need to ariose FIRST for a business concept to develop. - dependent on potential business owners, own goals, motivation and willingness to take risk. (eg: teacher wouldn't do hair dryer invention bc it's not her goals as she is a teacher)

Question 37

financial goals

Answer 37

- making a profit - increase market share - increase sales - return on investment expanding the business - improving business operations

Question 38

characteristics of successful business manager & entrepreneurship (list 4 and explain)

Answer 38

1. innovation: finding new ways of things/doing things (improvement) 2. enterprising: willing to give something a go (risk taking) 3. initiative: pursuing something without being prompt (persistence and determination) 4. share vision: clear vision goal, direction of the business)

Question 39

regional business start up hubs

Answer 39

- offers discounted space, advice, services and support to new businesses, helping them thrive

Question 40

define entrepreneurship

Answer 40

person who creates and operates a new business in response to business opportunities, while taking on the risk in hope of making profit

Question 41

what's market research

Answer 41

- focus on the market - collects data/info on the market (eg: surveys, interviews) - determines how big the market is & what ur market is looking for - helps understand customer base

Question 42

market opportunites

Answer 42

gap in the market (anything in the market similar of is it the first if its kind)

Question 43

to fulfil a social need

Answer 43

- make world/community better place - help out/support/solve environmental problems, employment, help/support community

Question 44

innovation

Answer 44

new ways of things/doing things

Question 45

explain IFS (initial feasibility study)

Answer 45

- focuses on how likely the business is to succeed - asks questions of the potential business owner, eg: if it's been tried before why did it fail/ why did it succeed? - location, resources, opeterations, market assessment of business OVERALL helps u decide, if it's worth pursuing and how likely business is to succeed