Business opportunity linked to: report on rise in burglaries in area.

Security door installation service

An entrepreneur is someone who:

Takes a risk to develop a new business using their resources

Competitive advantage is:

Point of difference or superiority held over competitor

Business opportunity linked to: report on fast foods and childhood obesity.

Afterschool physical activity program provider

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BM1 AoS 1 1.3 Sources of business opportunity

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Business Management Unit 1 AoS 1 Chapter 1.3 Sources of business opportunity from Cambridge text

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Questions 15

Answers

1
A source of innovation is…
Original thinking
Scientific research
Changes in work practices
All of these
2
Successful businesses recognise changes in consumer demand and take advantage of these.
Business opportunity
Gap in the market
Missed opportunity
Innovation
3
Business opportunity linked to: report on rise in burglaries in area.
Nappy supply service
Afterschool physical activity program provider
In-home care services
Security door installation service
4
Which of the following is an Australian business idea exported overseas?
Drones
Polymer bank notes
Australian Idol
Facebook
5
A business made possible by the internet.
Polymer bank notes
Trade shows
Airbnb
Environmentally friendly cleaning products
6
An entrepreneur is someone who:
A senior manager
Enters into business with another person
Takes a risk to develop a new business using their resources
Starts a business
7
Competitive advantage is:
The first person to import an overseas idea
Point of difference or superiority held over competitor
The development of new technologies
A new product or business concept
8
A good business opportunity is unlikely to become a success without:
All of these
The knowledge/skills to develop, market and sell the product
Real demand for the product
The potential for profit to be generated from the product
9
Which of the following is NOT an example of a market opportunity?
The TV show ‘Shark Tank’
Influx of young families into an area
Lifestyle trend
Change in superannuation law
10
New, improved products or methods of doing things.
Demographic
Entrepreneurship
Brainstorming
Innovation
11
Business opportunity linked to: report on fast foods and childhood obesity.
Gap in the market
New hotel franchise
Afterschool physical activity program provider
Home delivery of meals service
12
Which of the following is NOT a source of business opportunity?
Innovation and entrepreneurship
Recognising market opportunities
Changing customer needs
Demographics
13
What quality is especially linked to the term entrepreneur?
Confidence
Motivation
Risk taking
Innovation
14
Innovation is…
All of these
A whole new product
A variation on an existing product that improves it
A different way of delivering the product to market
15
A business idea resulting from research and development.
Melbourne style cafés
Biodegradable packaging
Personal trainers
Lentil as Anything social enterprise

BM1 AoS 1 1.3 Sources of business opportunity Flashcards | StudBud