Business Management SAC Revision

What is an entrepreneur?

How Many Sources of Business Opportunity are There?

• 6

• 7

• 5

• 4

What are the Sources of Business Opportunity?

What are the Personal Motivations Behind Starting a Business?

What is an Example of Fulfilling a Market Need?

• The business owner may recognise that particular goods or services for which there is a demand are not available in a particular suburb or town.

• Providing opportunities for local unemployed people

• Developing skills, providing vocational training or lifelong learning opportunities for disadvantaged people in the community

• Making environmental and community-friendly goods and services.

What is an Example of a Social Need?

• Identifying an inefficiency in the market.

• Creating access to a better quality of life for members of the community.

• Focusing on waste minimisation and recycling.

• An opportunity to appeal to a certain group of customers.

Why is it important for a business to set goals?

What acronym should you use when making goals?

• SORT

• PERMAH

• SMURF

• SMART

What do they stand for?

What are the 3 key goals a business needs?

• Financial, communal, personal

• Profitable, social, personal

• Financial, social, personal

• Financial, social, environmental