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SA3
business
| Term | Definition |
|---|---|
| Competencies | Integration of knowledge, skills, values and dispositions that support and foster innovation |
| Competencies of innovators | Risk taker, creative, decision making, proactive and being resilient |
| Design thinking process stage 1 | Clarify: Initial phase involves gaining a deep understanding of the problem from the user's perspective such as observing and quality interviews to empathise with product users to meet their needs and wants |
| Design thinking process stage 2 | Ideate: Teams engage in brainstorming sessions to generate a wide array of creative solutions |
| Design thinking process stage 3 | Develop: Most promising ideas are transformed into prototypes and the first working samples of the product are made |
| Design thinking process stage 4 | Implement: Final phase focuses on testing prototypes with real users to gather feedback and can be used to gain further input on how to refine the product further |
| Design thinking | An innovative, non-linear approach to the development of products and services which focus on solutions for the end user |
| Internal stakeholders | Directly involved in the running of the business |
| External stakeholders | Aren't directly involved in the running of the business but are affected by its activities |
| Stakeholders roles, importance, needs and wants and examples | 19 year old Shane Curran raised over 3m in funding to finance his security Evervault app |
| Ways the government can support a business Government planning: | Create a stable and more predictable future economic environment through different policies and the national budget |
| Capital expenditure | Can increase capital expenditure on infrastructure, schools, hospitals ect. This creates jobs and consumer demand that increases business sales |
| Sole traders | Self employed and doesn't have a business partner. They have full ownership and control of the business and are personally responsible for its operations |
| Partnerships | A partnership in Ireland typically consists of between 2 and 20 owners and is the most common found in accountancy and law firms |
| Private limited companies LTD | A separate legal entity where owners have limited liability and must register with CRO and submit accounts to them each year |
| Designated activity company DAC | A limited company but differs from standard private limited companies as it is formed for a specific purpose outlined in its constitution, as it includes a memorandum of association which outlines the object clause of the DAC |
| Co-operatives | Democratically controlled and jointly owned by members for a common goal, limited liability, not profit driven |
| Franchises | Franchisor gives permission to franchisee to use their idea/logo/brand in return for a fee |
| Public sector | Government owned businesses that provide essential services in the state |
| Market feasibility | A business needs to carry out market research to identify the level of demand for their product, the size of their market as well as gather information on existing competitors |
| Production feasibility | A business needs to determine that it is possible for them to produce, do they have the existing staff or equipment, or are there supplies that can deliver what they need? |
| Financial feasibility | A business needs to calculate that the idea is profitable. They would look at the costs involved, how it will be funded and the impact on their cash flow off carrying the idea as well as potential profits |
| Environmental feasibility | A business should assess the environmental impact of the idea, including waste management, emissions and compliance with environmental laws |
| Legal feasibility | A business needs to ensure they are compliant with all laws - that they do not break any copyright or intellectual property laws or employee legislation |
| Importance of sustainability when planning a business | 1: Improves reputation and brand loyalty, Planning for ethics and sustainability strengthens a brand's image 2: Attracts investment 3: Ensures legal and regulatory compliance 4: Supports long term profitability |
| Business model | An element within a business plan that outlines how a company will operate, create, deliver and capture value in economic, social and cultural contexts |
| Business model canvas | Tool used to map out a business model and include the key partners, activities and resources, value proposition, customers, costs and revenues |
Created by:
Vakare