chapter 1 notes

• feasibility study is an assessment of the practicality and potential for success of a proposed business idea.
• research and development is a set of activities undertaken to improve existing products, create new products and improve production processes
• S.M.A.R.T. goals are specific, measurable, attainable, relevant and time bound. mid-to short term goals that are specific and measurable are often referred to as objectives.
• an opportunity is a set of circumstances that a person can perceive as an avenue to success.
• economy is a system set up to determine what to produce, how to produce and to whom production will be distributed.
• an nation is the business word usually referred to the government and how they give government grants to a business.
• an entrepreneurship is referend to someone who pursues business opportunities, does innovation and seeks growth.