business

an individual that works for a business, they earn a salary, they are employed by the manager, the employer

the manager of the business, they hire employees to work for the business

individual that has an idea for a business and they go ahead with that idea to form their business

innovative, seizing opportunities, perserverence, hard working, people skills, good managing

1. skills, expertise, aptitude 2. personal qualities- skills, manual work, can be learned 3. management skills 4. external factors- technological changes, social and cultural forces, economic conditions

1. general management skills 2. production/operational function 3. financial production 4. purchasing function 5. human resources function 6. marketing function 7. administrative function 8. external factors function GPFPHMAE

1. economic conditions 2. technological changes 3. social and cultural forces 4. political and legislative variables 5. physical variables 6. international forces ETSPPI

described as an independent institution. established by an entrepreneur. motivation is to make profit by selling products/services that satisfy customers needs. place where all the business functions take place eg. marketing, admin

place where inputs such as raw materials are processed to produce a product or provide a service

refers to all the businesses that produce the same product or provide the same service

refers to all the businesses that use more or less use the same production process

factors and variables that occur internally in the business. they have an important influence on the establishment and on the growth and continued existence of the business. functions of the business

sum total of fatcors which exist externally. cant be controlled, sometimes can be influenced. consumers, competition

variables that occur externally of the business that either have a positive or negative influence of the growth and continued existence of the business. economic environment, social environment

when you analyse the market to see if your business idea is practical, suitable and profitable

if your business idea is doable

divergent thinking, uses feelings, images, present and future, risk taking

convergent thinking, uses logic, detail oriented, practical, safe

pin cards, brain storming, trigger sessions

from everyday activities- shopping, at work, media. from skills, expertise, aptitude- talents, interests, knowledge

1. feasibility test- examine th epotential of the idea to be converted into a business. 2. viability test- in depth investigation of the profitability of the idea ot be converted into a business

for individuals- the manufacture of products for individuals. provision of service to individuals. the sale of other peoples products to individuals. for organizations- the manufacture of products to organisations. the provision of service to organisations. the sale of other peoples products/services to organisations. the bow tie can be used to identify the essence of the idea. the possible o=combination of ideas.