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What are the definitions and examples of key business concepts like durability, business opportunity, and feasibility?

Business/Management

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  1. C. Durability

    • A business opportunity that is sustainable over time implies it has durability and can last in the long run.

  2. A. Creating a mobile app for ordering food

    • This is a specific, actionable concept for a product or service, making it a good example of a business idea.

  3. B. Conducting market research

    • Identifying a good business idea by observing a need (students wanting lollipops during break) is a form of informal market research or opportunity recognition.

  4. C. Business opportunity

    • A business opportunity is a favorable set of circumstances that creates a need for a new product, service, or business, indicating a likelihood of starting or expanding.

  5. A. Reduces risk by providing a guide for the business

    • Analyzing a business opportunity helps entrepreneurs understand its potential and challenges, which in turn reduces risk by providing a clearer direction.

  6. D. Organisational Feasibility

    • Organisational Feasibility assesses whether the proposed business has the necessary management expertise, skills, and structure to succeed.

  7. B. To evaluate the viability of a business idea

    • The primary purpose of a feasibility study is to determine if a business idea is practical and has the potential for success.

  8. A. Forecasting revenue, cost and profit

    • This component of a business plan directly focuses on evaluating the financial projections, including projected incomes.

  9. C. Idea generation

    • The entrepreneurial project typically begins with the idea generation stage, where potential business concepts are conceived.

  10. A. Feasibility studies

    • Feasibility studies are specifically conducted to evaluate whether a business idea is viable and practical.

  11. C. Launching

    • Launching is the stage where the entrepreneur implements the business plan and turns the idea into an operational, real business.

  12. A. Cost of capital

    • Before choosing a source of finance, an entrepreneur primarily considers the cost of capital, which includes interest rates, fees, and equity implications.

  13. B. Provides resources to run and grow the business

    • The main benefit of finance for an entrepreneur is to provide the necessary resources (capital) to operate, invest, and expand the business.

  14. A. Reduces financial risk

    • Effective financial planning helps in managing funds, anticipating financial challenges, and making informed decisions, thereby reducing financial risk.

  15. C. Income statement

    • The income statement (also known as the profit and loss statement) reports a company's revenues, expenses, and net profit or loss over a period, thus showing its profitability.

  16. A. 210,000F

  1. Identify the salary and expenses.

        Salary = 250,000F  
    Expenses = 40,000F

  2. Calculate the income left by subtracting expenses from the salary.

        $$
    \text{Income left} = \text{Salary} - \text{Expenses}
    $$
    $$
    \text{Income left} = 250,000\text{F} - 40,000\text{F}
    $$
    $$
    \text{Income left} = 210,000\text{F}
    $$
*   The income left is **210,000F**.
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