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Starting a business
Generating and protecting ideas
Adding value
Developing business plans
Start-up market research
Market segmentation
Locating the business
Chosing the right legal structure
Employing people…read more

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Starting a business
Enterprise- a willingness by an individual or a business to take risks, show initiative and undertake a
new business venture.…read more

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Developing business plans
The business plan:
Executive summary The Marketing Plan
It summarises the business concept or A. Market analysis
proposal. B. Profile of target market
C. Marketing mix
Introduction The Production Plan
A. Basic business details A. Market analysis
B. Legal ownership B. Profiles
C. Aims and objectives C. Marketing mix
Management and Personnel The Financial Plan
A. Roles and responsibilities A. Source of finance
B. Numbers, experience and skills of B. Profit forecast / break even analysis
workforce C.…read more

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Survey data
o Sales records and customer information
o Competitor information
Qualitative data ­ this information is often more detailed and perhaps will explain why
Quantitative data ­ Quantitative data forms statistics which can help explain a market, although it is
less useful on its own when trying to understand customer needs.…read more

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Lifestyle segmentation ­ this involves segmenting a market based on the interests opinions
and hobbies of customers.…read more

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Is (long term) Fixed or
specialist advice and flexible hours?
support required?
(yes) (no) Temporary (fixed) full-time (flexible) part-time
Consultant/advisor employment employment employment
Financial planning
Raising finance
Personal savings ­ the best source of finance for any business is personal savings because it is low
risk and does not have to be repaid.
Family and friends ­ family and friends are also classed as personal sources of finance. It is important
that they know what they are investing into.…read more

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Setting budgets
The purpose of setting budgets;
Form part of a company's objectives
Provide a plan for future activity
Set targets and motivate employees
Help ensure finance is available when required
Prevent overspending and control costs…read more


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