Business studies unit 1 section 1 key terms

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  • Definitions-unit 1 section 1
    • Entrpreneur-an individual with an idea for a business
    • Franchisee-the firm that buy the franchise rights from the existing business
    • Business objective-a clearly defind target for a business to achieve over a certain period of time
    • Market share-the proportion of total market sales sold by one business
    • Ethics-the moroal grounds on which decisions are made andd the impact the business has on its internal&external environment
    • Turnover-the value of sales made during a trading period, also called revenue
    • Stakeholder-an indivdual or group with an interets in a business, such as employees, customers, managers, shareholders, suppliers, competors and the local community.
    • Business plan-a statement  showing how a business sets out to achieve its aims and objectives
    • Sole trader-the most common and most simple form of business organisation, often just one person
    • Unlimited liability-unincorporated businesses, such as sole traders and partnerships, have unlimited liablity, which mean the owners are responsible for all the businesses debits


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