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25 Cards in this Set
- Front
- Back
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Business |
A decision-making organisation involved with the process of using inputs to produce goods and/or services |
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Mission Statement |
A clear and succinct representation of an organisation's purpose for existence. To be effective, it should incorporate meaning and measurable criteria. |
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Vision Statement |
Communicates an organisation’s purpose and values in terms of where it wishes to see itself in the future, sometimes optimistically. Values are defined qualitatively and usually lack concrete measures. It answers the question;“Where do we want to go?” |
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What makes a good mission statement? |
Informative It should be clear what the organisation does Simple Too many details will cloud the big picture Memorable Achievable Concrete goals will help to guide employees Employee Buy-In |
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Entrepreneur |
One who organizes, manages, andassumes the risks of a business orenterprise |
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Invention |
The formulation of new ideas for products or processes |
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Innovation |
The successful commercial creation of a new idea, which adds value to the market place. Innovations should try to create orfulfill existing needs or wants that are not currently being satisfied |
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Research and Development |
Is about discovering new knowledge about products and processes (research), and then applying that knowledge to create new and improved products and processes that fulfill market needs (development) |
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Patent |
The exclusive right, granted by a government, to make use of an invention or process for a specific period of time. Itgives the inventor the intellectual propertyrights to the invention |
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Trademark/service mark |
A word, phrase, symbol or design, or a combination of words, phrases, symbolsor designs, that identifies and distinguishes the source of a product of one party from those of others |
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Copyright |
A form of intellectual property right where ownership permission is sought to use it. It provides legal protection for a companyagainst other rivals using its published works |
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Difference Between Intellectual Protection Methods |
A copyright protects anoriginal artistic or literary work; a patent protects an invention; a trademark protects aword, phrase, symbol or design |
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Industry (noun) |
A group of businesses that produce similar or related products |
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Trade (industry) association (noun) |
An organization of people or companies in a particular business or trade, organized to promote their common interests |
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Public sector |
Also called the state sector, this refers to those parts of the economy that deal with either the production,delivery and allocation of goods and services by and for the government or its citizens, whether national, regional or local/municipal. Organizations in the public sector are majority owned and run by local, regional/provincial, and national governments |
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Private sector |
Also called the commercial sector, this refers to those areas of the economy mostly owned and run by private individuals, partnerships and corporations, typically for a profit. Organizations in the private sector are not controlled by the state |
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For-profit (commercial)organizations |
Sole trader Partnership Companies/corporations |
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For-profit social enterprises |
Co-operative Microfinance provider Public-private partnership |
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Non-profit social enterprises |
Non-governmental organization (NGO) Charity |
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Co-operative |
Firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one-vote principle (and not in proportion to his or her equity contribution) |
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Microfinance provider |
A provider of financial services including microloans,savings and insurance, available to poor entrepreneurs and small business owners who have no collateral and wouldn't otherwise qualify for a standard bank loan. Most often, microloans are given to those living in still-developing countries who are working in a variety of different trades, including carpentry, fishing and transportation |
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Public-private partnership |
An agreement between the public sector and the private sector for the purpose of designing,planning, financing, constructing and/or operating projects which would traditionally be done by the public sector |
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Non-profit organization |
An organisation that does not distribute its surplus funds to owners or shareholders, but instead uses them to pursue its goals. Many non-profit organisations are charities; others include trade unions and public arts organisations. Although many government agencies meet this definition, in most instances they are not considered non-profits |
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Non-governmental organization |
A not-for-profit group, principally independent fromgovernment, which is organized on a local, national or international level to address issues in support of the public good. Task-oriented and made up of people with a common interest, NGOs perform a variety of services and humanitarian functions, bring public concerns to governments, monitor policy and programme implementation, and encourage participation of civil society stakeholders at the community level. Some are organized around specific issues, such as human rights |
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Charity |
An organisation created for the purpose of philanthropic rather than pecuniary (profit) pursuits.Their purpose is to benefit society or a specific group of people. Its purpose may be educational,humanitarian, or religious |
