VCE BM U1 AOS1 Vocabulary

a brief outline of the business idea, its main selling activities and the features that will provide it with a competitive advantage

• Business concept

• Competitive advantage

• Entrepreneurship

• Initial feasibility study

surrounding factors that influence how a business operates

• Business environment

• Changing customer needs

• Globalisation

• Market opportunity

what a business wants to achieve within a specific time frame

• Business goals

• Business strategies

• Social enterprise

• Market share

an experienced and knowledgeable business person who provides assistance and advice to another person

• Business mentor

• Demographics

• Entrepreneur

• Start-up hub

a favourable situation which can lead to advancement or success

• Business opportunity

• Ethical behaviour

• Infrastructure

• Norms

the transitions in the desires of consumers

• Changing customer needs

• Ethical behaviour

• Market conditions

• Societal attitudes

a business having qualities or strategies that provide it with an edge over its competitors

• Competitive advantage

• Business concept

• Entrepreneurship

• Social goals

a free and automatic protection used on original ideas such as writing, art, sound, films and photographs

• Copyright

• Domain name

• Patent

• Trademark

the lowest level of government in Australia

• Council

• Start-up hub

• Start-up hub

• Domestic

a one-off financial payment from the council to a business to support business ideas and development. This payment does not need to be repaid

• Council grant

• Subsidy

• Intellectual property

• Tax