To make a goal measurable it needs:

A quantifiable outcome, usually written as a number.

Two crucial questions (listed in the text) before starting a business are:

Am I motivated, Do I have the appropriate qualities?

What are the personal motivators of starting a business listed in the textbook?

Independence, Profit, Market Need, Social Need

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BusMan U1 C2.1-2.3: Quiz Questions

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#VCE #Business Management Unit 1 Chapter 2.1-2.3 general quiz questions.

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Questions 13

Answers

1
A 'gap' in the market that is not already being satisfied by existing business.
Innovation
Global market
Entrepreneurship
Market opportunity
2
To make a goal measurable it needs:
A quantifiable outcome, usually written as a number.
To be something you can measure with a ruler.
To be not too specific so that it can be changed over time.
A qualitative outcome, described in a couple of paragraphs.
3
Creating a new good, service or process, or significantly improving an existing one.
Innovation
R&D
Changing customer needs
Technological development
4
A framework to write well defined goals
S.T.E.A.M
S.M.A.R.T
S.I.L.L.Y
S.L.O.T.H
5
Two crucial questions (listed in the text) before starting a business are:
Do I have enough capital, Am I a good leader?
Does an opportunity exist, Do I have the required qualities?
Is the business sustainable, Do I have the right contacts?
Am I motivated, Do I have the appropriate qualities?
6
The types of goals listed in the textbook include:
Market, Product, Innovation
Financial, Social, Personal
Social, Market, Financial
Technology, Program, Financial
7
The development of eBay and Kickstarter as a source of a business opportunity is an example of:
Innovation
Research and development
Entrepreneurship
Technological development
8
The ability and willingness to start, operate and assume risk of a business venture
Entrepreneurship
Changing customer needs
Market opportunities
Global Markets
9
What was the motivation in starting Streat Cafe?
Independence
Market Need
Profit
Social Need
10
A set of circumstances that presents itself as an avenue to success
Innovation
Entrepreneurship
Market research
Business opportunity
11
What are the personal motivators of starting a business listed in the textbook?
Independence, Profit, Market Need, Social Need
Security, Profit, Market Need, Social Need
Independence, Profit, Desire for Power, Social Need
Independence, Creativity, Market Need, Social Need
12
Describes what a business expects to achieve over a set period of time.
Operations plan
Goal
Mission
Vision
13
Activities undertaken to improve existing products, create new products, improve processes.
R&D
Innovation
Entrepreneurship
Market opportunities

BusMan U1 C2.1-2.3: Quiz Questions Flashcards | StudBud