Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Business 5th nov ass
| Question | Answer |
|---|---|
| What is design thinking | Is an innovative, non-thinking approach to the development of the products and services which focuses on solutions for the end user. |
| What are the 4 phases in design thinking | Clarify, Ideate, Develop and Implement |
| Definitions of the 4 phases of design thinking | 1. Clarify- understand the problem by researching and talking to people to find out what they really need. 2. Ideate- Come up with lots of ideas and possible solutions. 3. Develop- Choose the best ideas and start testing and building small versions. 4. Im |
| What is a feasibility study | An investigation that assesses the comercial viability of a business idea, whether the proposed solution is possible to make, how much will it cost to produce. 1. Product feasibility. 2. Financial feasibility. 3. Market feasibility |
| Facts about John Collison | |
| How does John Collison display certain competencies | John Collison demonstrates competencies in strategic thinking, a commitment to iterative development, and a focus on building the digital economy. |
| What are the benefits of a business being ethical | Business ethics refers to the moral principles, values and standards that guide conduct of a company and its employees in all business activities |
| What are the benefits of a business being sustainable | In business refers to o company’s strategy and actions to reduce and adverse environmental and social impacts resulting from business operations in a particular market |
| How is Digital technology a driver for change in business | 1. Efficiency and productivity, tech such as AI and automation speeds up tasks and reduces human error. 2. Collaboration, tools such as zoom help people to work together from anywhere. 3. Innovation, new tech such as 3D printing and AI helps businesses to |
| Why should a business carry out a feasibility study | 1. Future success. 2. Assesses the viability of a business idea. 3. Big picture/identifying risks and challenges. 4. Reduces costly mistakes; Get the product right before investing time, money and other resources into it |
| What is a business plan | A written document that outlines a company’s goals the strategy’s for achieving them |
| What are the 5 functions of a business plan | 1. To obtain finance. 2. To measure performance. 3. To identify problems. 4. To formulate strategies. 5. Identify resources |
| Explanations of the 5 functions of a business plan | 1. To obtain finance, investors such as banks and gov agencies like the Local enterprise office (LEO) will review a business plan before providing funding. 2. To measure performance, If targets aren’t met action can be taken, such as increasing advertisin |
| Idea development, internal sources of business ideas | Internal; 1. Unintended outcomes, of a product or idea can create new uses or markets. 2. Brainstorming. 3. Intrapreneurship. 4. Research and development. 5. Hobbies/interests. 6. Personal experiences |
| Idea development, external sources of business ideas | 1. Import substitution, Involves an imported product with a similar one produced domestically matching the product quality and price. 2. Foreign travel. |
| Characteristics of an entrepreneur | Confident, risk-taker, Creative/innovative, decisive, energetic, flexible, future-focused, motivated, resilient, realistic |
Created by:
Louie Masterson