Business Management Recap

The three different categories we classify businesses is...

• rich, very rich, or extremely rich.

• size, sector or business activity.

• Oversise, undersize or medium size.

The sizes businesses are classified as is either...

• small volume, medium volume or large volume.

• large, extra large or extra extra large.

• extra small, small and average.

• small, medium or large.

When determining a businesses size the following is NOT considered a factor.

• Number of employees.

• Total revenue earned (before tax)

• How big the city is that it is located in.

• MArket share.

Entrepreneurs generally need the following three traits to be successful.

• risk taker, strong work ethic and persistence.

• doesn't like taking risks, leaves everything to chance, works only when they feel like it.

• good apatite, lots of money and willingness to take on risks.

• friends in high places, lots of money and no work ethic.

Which of the following is an Australian innovation?

• 
• 
• 
• 

A business opportunity could arise from which one of the following?

• Stock market crashing.

• Changing customer needs

• Technological development

• Expanding global market.

There are 7 main business opportunities that entrepreneurs will look for. Can can you identify 3 of them?

• Innovation

• Changing Customer needs

• Winning the lottery

• Time

• Entrepreneurship

The four main motivations behind starting a business are?

• Money, Money and more Money.

• To make a profit, To help people, To make it through the pandemic, To have fun.

• Desire for independence, Desire for Profit, Fulfil a market need, Fulfil social need.

• Desire for Profit, To prove people wrong, To help your family, To work for yourself.

The acronym S.M.A.R.T stands for...

• Specific, Measurable, Attainable, Relevant, Time Bound.

• Sales, Measured, Actual, Real, Time

• Specific, Measurable, Achievable, Relatable, Timely

• Sales, Measurable, Actually, Relatable, Time Bound

Goal setting is important in Business, Businesses generally strive to achieve three types of goals these are?

• Personal, Company and Sales goals.

• Personal, Financial and Social goals.

• Personal, Team and company wide.