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F291 BUSINESS STUDIES

Two characteristics of an entrepreneur:

Ability to be comfortable with risk taking
Leadership skills such as motivation and communication

Likely relationship between risk and reward:

An entrepreneur will take risk with an unknown outcome of whether the money invested will
become successful and reward is the success…

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Stakeholder benefiting from success/growth of business: (zoo scenario)

The business si successful means that more funs are available to spendmore money on the
business. This would therefore mean that owners will benefit as they would have benefits
from enhanced reward for their services
Employees will benefit as they want pay…

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Factors influencing success of a business

HRM- training for staff to make them work at best of potential. Also hiring rightly skilled staff
that are likely to change the business in a good way and help the business achieve the ebst
of its abilities
Good relationship with supplier
Ability to…

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Characteristics of a monopoly

Single firm/ own 25 percent or more of market share
Price setter
Possibility of high profits

Characteristics of oligopoly:

market dominated by a few large firms
Keep prices stable and higher than they would if in a competitive market.

Methods of market research

Customer surveys
Questionnaires/interviews…

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How size of a business can be assessed/ measured

Level of sales
Profits
Market share
Number of stores
Number of employees

Corporate objectives:

Strategic: long term eg should enter a new market
Tactical : short term eg specification of a new products




Why corporate objectives may change overtime:

Changes to…

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Reasons for using sampling in market research

It cost less and therefore is more efficient
Easy and simple way
Processing time for data is quicker
Not necessary to research the whole market
Representative of the whole market

Sources of secondary data

Businesses own sales figure ­ will show them how…

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Global warming
CO2 emissions
Damage to ozone layer
Congestion (around
airports/roads around
airports)
`Spoiled landscape'
`Destroys local culture'
Negative effect on UK
tourism
People take holidays in term
time

When expanding or diversifying into new markets, a business human resources management
area needs to consider:

new post to be filled-managers…

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Partnerships are businesses owned by two or more people. A contract called a deed
of partnership is normally drawn up.
Also have unlimited liability

Franchise

franchisee, who buys the right from a franchisor to copy a business format.
And a franchisor, who sells the right to use a business idea…

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