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5 Cards in this Set

  • Front
  • Back

business opportunities

- recognising and taking advantage of market opportunities


- changing customer needs


- research and development


- technological development


- global markets

Outline what is meant by SMART goals. Provide three examples

Specific, measurable, attainable, relevant and time bound.

Market research steps

1. Identifying what information is needed to make a decision about the potential of the business


2. Gathering the relevant information from appropriate sources. eg. surveys


3. Analysing and interpreting the relevant results to extract some clear information which will assists in decision making.

Explain why it is important to set goals before starting a new business

It is important to set goals before starting a new business because without a goal a business has no clearly defined purpose and nothing to aspire to. Goals provide a business with direction and help to measure results. Setting goals can also allow the business owner to developtheir ideas for a business. As a person considers the goals for a business, new ideas may emerge, ideas may be verified and some may be discarded or modified.

Contributions a company can make

- employment


- contribution to taxation revenue


- boosting economic growth


- supporting career development and social wellbeing


- contributing to corporate social responsibility