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BUSINESS MANAGEMENT DEFINITIONS CHAPTER 2 (Business opportunity (is a set…
BUSINESS MANAGEMENT DEFINITIONS CHAPTER 2
Business opportunity
is a set of circumstances that presents itself as an avenue to success
Innovation
is either creating a new good or service or significantly improving an existing one
Entrepreneurship
the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit
Research and development
is a set of activities undertaken to improve existing products, create new products or improve production processes
Goal
describe what a business hopes to achieve over a set period of time
Return on investment
a positive or negative percentage that relates to the money gained or lost on an investment to the cost of that investment. It is usually taken to means that the return on the investment occurs over 12 months
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
Feasibility study
is an assessment of the potential success of proposed business ideas
Market research
is a process of systematically collecting, recording and analysing information concerning a specific market
Market conditions
are the features of a market into which a new good or service is to be introduced, and include factors such as the number of potential customers, level of competition and potential for growth
Economy
is a system set up to determine what to produce how to produce and whom production will be distributed
Economic growth
occurs when the real value of goods and services increases over a set amount of time
Exports
are goods or services sold by one country to individuals, businesses or governments in another country wit the aim of extending sales and market penetration
Balance of payment
is a record of a country's trade and finical transactions with the rest of the world
Corporate social responsibility
refers to managing a business in such a way that the broader social welfare of the community, including employees, customers, suppliers ad environment is taken into consideration when making decisions
Business mentor
is a person with extensive business experience and wisdom who offers knowledge, wisdom and advice to a less experienced business manager or entrepreneur