Free SACE Year 11 Business Innovation Flashcard Review
Review 20 public cards with spaced repetition. Flip a card, then grade your recall. Cards you miss return today. Your schedule stays in this browser.
Loading your review schedule…
Browse the free cards
What makes a start-up uncertain?
Its customer demand and delivery model are still being tested.
What does operations organise?
Production and delivery of the offer.
What distinguishes a company?
It is a separate legal entity with formal obligations.
Why specify a customer segment?
Relevant needs and experiences can differ between groups.
Give a neutral discovery question.
Describe the last time you experienced the problem.
What is a problem hypothesis?
A testable statement of a difficulty, context and consequence.
Why divide team roles?
It enables neutral interviewing, observation and accurate records.
What should determine a prototype?
The assumption and evidence the team needs to test.
Name the customer profile elements.
Jobs, pains and gains.
How does iteration differ from pivoting?
Iteration adjusts the approach; pivoting changes a central assumption.
Why track repeat purchases?
They offer behavioural evidence of continuing paid demand.
What limits a volunteer trial?
Participants may not represent the wider customer segment.
How do profit and cash differ?
Profit compares income and expenses; cash concerns money available and payment timing.
What is a sole trader?
An individual owner who generally bears business debts personally.
Why budget for responsibilities?
Safe work, proper records and consumer remedies require resources.
What does a Business Model Canvas connect?
Customers, value, delivery, resources, partners, costs and revenue.
What distinguishes a revenue model from pricing?
The model explains how income is earned; pricing explains the amount charged.
What is contribution per unit?
Selling price less variable cost per unit.
What is a fixed cost?
A cost that does not vary directly with activity within the relevant period and range.
What belongs in start-up funding estimates?
Establishment and early operating payments, buffer and timed receipts.