U1 AOS1

• Entrepreneurship/innovation


  The practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals
• Entrepreneurship/innovation


  • Often classified as business opportunities, innovation, and seeking financial growth
• Entrepreneurship/innovation


  The act of starting and operating a new business, in response to business opportunities, assuming all risk to make a profit. Shared vision, initiative and innovation.
• Demographic


  A particular sector of the population based off characteristics such as age, gender, socio-economic status, interests, and culture etc. (segmentation)
• Demographic


  Subdivision of the market who share common characteristics
• Target market


  The group of people (customers) with a shared demographic, that business' aim to reach in order to sell their product or service
• Target market


  A group of customers with similar characteristics who currently or may purchase a product
• Market opportunity


  The existence of a need that is not being met or a desire that has not yet been fulfilled
• Market opportunity


  A situation in which a product, service, etc. that is potentially wanted or needed by consumers is identified by a business as not being supplied by rival companies
• Financial independence


  The capacity to support a lifestyle without having to be employed or be dependent on others
• Financial independence


  Financial independence is the ability to be financially stable and not dependent on whether or not you're employed
• Personal independence


  The capacity to be in control of decisions that affect one's actions of activities, autonomy
• Personal independence


  Personal independence is the ability to control the stability of your life and the lifestyle choices you make such as your work life
• Market need


  The goods or services that customers require that are not readily available
• Market need


  The functional needs, desires, and goals of a target audience, a gap in the market
• Social need


  The production and/or selling of goods and services for the purpose of making the world (or community) a better place
• Social need


  Social need is the production or services with the purposes of providing a solution to make the world or community a better place
• Entrepreneur


  A person who is willing to seize opportunities to start and operate a business and is prepared to take risks in the hope of making a profit. They usually tend to have a shared vision, initiative and innovation and enterprise
• Enterprise


  The effort made by someone to creatively or boldly, achieve something new
• Business managers


  A person who has responsibility for overseeing the operations of the business to ensure that it successfully achieves its goals
• Stakeholders


  Individuals or groups who have a vested interest in a business
• Key-performance indicators


  Specific criteria used to measure the efficiency and effectivness of business performances
• Vision statement


  Describes where the business wants to be in the future (e.g. five years from now)
• Missions statement


  Describes what the business does and how it will achieve its vision
• S.M.A.R.T goals


  Specific, measurable, attainable, relevant and time bound goals
• Industry


  The classification of groups of businesses related to the particular good or service they produce
• Return on investment


  A positive or negative percentage that relates the money gained or lost on an investment occurs over a 12 – month period
• Productivity


  A measure of business efficiency comparing output produced with the quantity or inputs. It is calculated using the formula: Productivity = outputs/inputs
• Efficiency


  A measure of how well we do things; for example, if we were able to produce more outputs from the same inputs, we have become more efficient at using these inputs
• Effectivness


  A measure of whether the business is doing the right things – those that are most important to the success of the business
• Financial goals


  • Expanding the business
  • Increasing sales and profit
  • Improving the way, a business operates
• Social goals


  • Community service
  • Providing jobs for the unemployed
  • Ecological sustainability
• Personal goals


  Goals that you can apply to all aspects of your life such as work, family, and lifestyle
• Business opportunity


  A set of circumstances that presents itself as an avenue to success
• Business concept


  A process of successfully refining, enhancing, and amplifying the basic idea for a product
• Innovation


  Either creating a new good, service or process, or significantly improving an existing one
• Research and development


  A set of activities undertaken to improve existing products, create new products and improve production processes
• Trademark


  A symbol, word or words legally registered or established by use as representing a company or product
• Trademark


  A registered trademark is legally enforceable and gives the business owner exclusive rights to use it for commercial purposes, license it or sell it for the goods and services that it is registered under
• Patent


  Gives its owners the legal right to exclude others from making, selling, and using an invention for a limited period of time