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Area of Study 1 - The Business Idea - Coggle Diagram
Area of Study 1 - The Business Idea
six different examples of business opportunity.
recognising market opportunity
changing customer needs
reaserch and development
technological development
global markets
innovation and entrptreneurship
Business Objectives
To make a profit (revenue - Expenses)
To fulfil a social need
to meet shareholders expectations
Increase market share
skills of successful business managers
Communication
delegation
planning
leading
decision- making
interpersonal
Characteristics of successful business managers
willing to take risks
innovative thinkers
resilient
confidence
flexible
ability to work independently
Importance of business concept development
initial idea or business concept
conduct market reaserch
refine business concept
conduct feasibility concept
write a business plan
Forecasting
a planning tool that relies on data from past and present to analyse trends to attempt to determine future events
Market research and initial feasibility studies
Feasability studies
description of business idea
profiles of the key people involved
description of the market
intellect property
trademark
patent
copyright
trade secrets
contribution that businesses make to the economic and social wellbeing of a nation.
employment
economic growth
international trade
taxation revenue
infrastructure
research and development
methods which a culture of business innovation may be fostered
government investment in research and development
council grants for new businesses
buisness mentorship
school-based educational programs
creation of regional and startup hubs