Unit 1: planning a business Aos1: the business idea

• Entrepreneurship is the process of establishing a business to satisfy a need in the market while taking on the associated risks.
• An entrepreneur is an individual who starts up a business to satisfy a need while taking on the associated risks.
• Personal independence involves a person being in control of their own decisions and actions. Many people choose to open a business to gain flexibility and fulfillment.
• Financial independence is the ability to fulfill the desired lifestyle without the reliance on an employer or another person.
• Making a profit involves the need to make more money/revenue than expenses.
• Fulfilling a social need is improving society and the environment through business activities.
• A manager is an individual who has the responsibility of overseeing and handling employees whilst also running the day to day business tasks to achieve objectives.
• Innovation includes creating and implementing new ideas significantly.
• A market opportunity is a need or want that is not currently met by any other business.
• Changing of customer needs are the transitions in the desires of customers.
• Research and development involves directing resources such as money, towards discovering, creating and introducing.
• Technological developments are the invention and inovntion of tools that solve problems and enhance processes.
• global markets are the area in which businesses trade goods and services, comprised of both businesses and customers from countries all across the world.
• business goals are what a business wants to achieve withing a spicific time frame
• decision making is the skill of selecting a suitable course of action from a range of plausable options.
• A business concept is a brief outline of the businesses idea, it's main selling activities and the features that will provide it with a competitive advantage
• Intellectual property is an original creation of the mind that can be legally owned.
• Market research is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.
• An internal feasibility study is a research evaluation of how viable a business concept is.
• Qualitative data is non-numerical data, such as opinions or written survey responces.
• Quantitative data is numerical data that can be measured, counted, or calculated.
• Economic well-being is reflected by the level of income, consumption, and wealth people or households have to support their material living standards.
• tax is a compulsory payment to the government which is used to finance the provision of public goods and services.
• Infrastructure is the essential facilities and structures that are required for an economy to operate.
• Economic growth is when the total value of goods and services produced by an economy increases over a period of time. It is measured by GDP.
• International trade is the exchange of goods and services between countries
• research and development (R&D) is the process of developing new products and services, improving existing ones, and developing new methods of production
• social wellbeing is a measure of the quality of life individuals have reflected by their non-material living standards.
• council grants are one-off financial payments from a local council to a business that doesn't need to be repaid, and that aims to support business's ideas ideas, and developments.
• Start-up hubs are physical spaces that individuals and businesses can utilize to obtain support regarding business materials.