Unit 1 Exam Revision Flashcards
(29 cards)
What is entrepreneurship?
Entrepreneurship is the process of establishing a business to satisfy a need in the market whilst taking on the associated risks.
What is a business opportunity?
A business opportunity is a favourable situation that can lead to improvements or success for a business.
Personal independence
Personal independence involves a person being in control of their own decisions and actions.
Financial independence
Financial independence is the ability to fund a business without relying on income from another individual.
What does making a profit involve?
Making a profit involves a business generating more revenue than expenses it incurred.
What is fulfilling a market need?
Fulfilling a market need is when a business fills a gap in the market by addressing customer needs that are currently unmet or underrepresented by competitors in the same industry.
What does fulfilling a social need mean?
Fulfilling a social need is improving society and the environment through business activities.
What is an online business?
An online business is a business model where goods and services are traded via the internet.
What is a direct-to-consumer business?
A direct-to-consumer business is a business model where the business’s products are sold directly to consumers with no intermediaries involved.
What is a bricks-and-mortar business?
A bricks-and-mortar business is a business model that has a physical store presence.
What is a franchise?
A franchise is a business model that grants another person the right to operate under its name, use its business systems, and sell its goods and services.
What is an importer?
An importer purchases goods and services from overseas and sells them in its home country.
What is an exporter?
An exporter produces goods and services in its home country and sells them to overseas buyers.
What are societal attitudes?
Societal attitudes are the collective values, beliefs, and opinions held by a group of people.
What is societal behaviour?
Societal behaviour is the way people act and respond in various situations.
What are values and beliefs?
Values and beliefs are the principles, standards, and assumptions upheld by individuals or a group of people, which influence how they make decisions.
What is a sole trader?
A sole trader is a business structure that is owned and operated by one individual.
What is a partnership?
A partnership is a business structure that is owned by two to 20 owners.
What is a private limited company?
A private limited company is an incorporated business structure that has at least one director and a maximum of 50 shareholders.
What is a public listed company?
A public listed company is an incorporated business that has an unlimited number of shareholders and lists and sells its shares on the ASX.
What is a social enterprise?
A social enterprise is a type of business that aims to fulfil a community or environmental need by selling goods or services.
What is a government business enterprise?
A government business enterprise (GBE) is a business that is owned and operated by the government.
What is an initial feasibility study?
An initial feasibility study is a researched evaluation of how viable a business concept is.
What are business support services?
Business support services are the specialised people, facilities, or amenities that aim to help businesses successfully operate.
