summary AOS1

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  Entrepreneurship and entrepreneurs are important for the economy and society as they allow new ideas and can improve the standard of living of many people.
• personal motivation behind starting a business

  • desire for financial and personal independence
  • profit
  • fulfil a market/ social need
• characteristics of successful business managers

  • risk taking
  • innovative
  • visionary
  • ambitious
• sources of business opportunity

  • innovation
  • market opportunities
  • research and development
  • global markets
  • customer needs
• Decision-making is an essential skill for successful managers that requires analysing alternatives and making a decision that requires future action.
• Business concept development is a process that includes market research and a feasibility study.
• Developing the business concept is a process that turns the potential business idea or opportunity into an actual business
• Initial market research is essential for gaining an understanding of the industry and potential market.
• The contribution that businesses make to the economic and social wellbeing of a nation

  • employment
  • economic growth
  • international trade
  • taxation revenue
• innovation and entrepreneurship encouraged by:

  • government investment in research and development
  • council grants for new businesses
  • school-based educational programs in entrepreneurship
  • regional business start-up hubs.
• Entrepreneurship is the process of designing, launching and running a new business
• considering the goals of a business in decision-making assists in the alignment in actions

  • all businesses must establish goals to set the direction for the business
• Business concept development aims to establish the viability of a business idea.
• conducting a business feasibility study determines if the business concept is viable.

  • assess a description of the business
  • profiles of personnel
  • market analysis.
  • competition and a competitive advantage specified.
  • From this an assessment of overall feasibility is generated.
  • Original ideas and designs must be protected as intellectual property.