BUSINESS 🫧🍒

• Entrepreneur


  An individual who creates a new business and organises, manages, and takes on the risks of a business.
• Entrepreneurship


  The process of creating a business
• Motivations for starting a business

  - desire for independence

  - to make a profit (success and wealth)

  - to fulfil a market need

  - fulfil a social need
• Characteristics of an entrepreneur

  - risk takers

  - innovative

  - hard working

  - confident

  - goal setter

  - ambitious
• Importance of goal setting

  Describes what a business expects to accomplish over a set period and provides direction for the business
• Market research


  gathering information about consumers' needs to assist a business to make decisions and gives them an understanding of whether their product will meet needs.
• Types of Market Research

  Focus groups, interviews, surveys, libraries, government agencies, trade associations.
• Feasibility study


  initial research that is required to determine whether the business concept is potentially viable.
• What does a feasibility study include?

  - A description of the business idea including the product/service

  - profiles of key people

  - description of the market

  - threats of substitutes

  - identify competition

  - location and site layout

  - analysis of the proposed operation
• Intellectual property


  Any creation of the mind such as a new invention, brand, design.

  These creations have commercial value or provide competitive advantage for a business.
• Methods of protecting IP

  - Patent

  - Trademark

  - Design

  - Copyright

  - Trade secrets/confidentiality
• The Economy


  A system set up to determine what to produce, how to produce and how production is distributed.
• Business contribution to employment and taxation

  - Business contributes to revenue raised through taxation

  - Business pay tax and employees pay income tax

  - Governments use tax to provide goods and services to the community
• Ways for nation to encourage entrepreneurship

  1. Regional business start ups

  2. Government investment in research and development

  3. Council grants

  4. Business mentorships

  5. School based entrepreneurship program
• Business contribution to economic growth

  - Measured by the growth of GDP

  - GDP is the monetary value of all the finished goods and services produced in Australia minus the cost of production
• Characteristics of a start up hub


  Workshop seminars, innovation resources, networking and tailored advice to meet specific needs
• Motivations for starting own business

  Independence - be in control and make decisions

  Success and wealth - be finacially stable and support those around you
• Business opportunities


  Global market - The potential to expand overseas, import and export

  Changing customer needs - different demographics, lifestyle trends changing