Young Enterprise Possible Questions

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  • Created on: 28-04-13 15:28
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Young Enterprise Revision
Possible questions
Why did you develop a mission statement?
To summarise what the company is all about and what it aims to achieve. Point
Blanc aims to provide a professional service selling a range of new and exciting
high quality products as well as hosting fun events for our costumers to enjoy.
What environmental considerations did your company make?
We circulated weekly minutes via email, which saved a considerable amount of
paper. Wherever possible we sourced materials locally to reduce our carbon
footprint. We used recycled paper to produce our Christmas cards.
How did your company conduct market research?
We conducted several different forms of market research. Using the `Ask a
question' feature on Facebook, we were able to create different polls e.g. asking
what price people would be willing to pay for a certain product etc. Since
Facebook is widely used by our target market we managed to gather answers
from a large amount of people. We also knew that people were unlikely to
respond to questionnaires so we asked our target market directly what they
thought about our potential products and made tallies of the results accordingly.
We made sure to ask people from all age ranges so that the feedback was more
representative and thus we could draw more meaningful conclusions from them.
When organising our social, we made sure to conduct market research amongst
boys school to see if there was the same level of demand as there was amongst
girls at our school.
Explain why it is important to conduct thorough market research before
deciding on a product.
Conducting thorough market research was vital for our company. We needed to
see whether there was sufficient demand for our potential products so that we
could generate a healthy profit. For example when we asked people whether or
not they would be willing to purchase personalised memory sticks, we found that
wasn't much interest and so we did not pursue this venture further. On the other
hand we found through our market research that there was a high level of
demand for socials/discos amongst younger year groups. This lead us to carry on
with the idea, which turned out to be very successful, generating the highest
profit of all our ventures.
What external restrictions did your company face?

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We had to get our posters approved by the headmistress before we could put
them up. We had to have a minimum of 1 teacher to every 10 students at our
How did your company deal with any risks associated with your
To prevent any accidents at out social we drew up a comprehensive risk
assessment. In the risk assessment, the potential risks/hazards were outlined e.g.…read more

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BBM proved to be a very quick and effective
means of communication.
Having so many communication channels meant that company were kept
informed in some way shape or form. This greatly improved the efficiency of our
company, as everyone was fully aware of what was going on.
What impact might Phillip's resignation have had on the company?
Phillip's resignation may have improved the company morale and improved
training, therefore leading to increased sales and increased profit for the
company.…read more

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I laid strict ground rules during meetings such as no use of mobile phones so that
everyone in the company was focused and attentive.
I believe my weaknesses lay in my inability to delegate tasks as effectively as
possible. Sometimes members of the company did not have a specific job to do
whilst other had a significant amount.
Assets: All that the company owns. In a balance sheet these are divided into:
Fixed Assets: Permanent items, like property, equipment and machinery.…read more

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Liquidation: The process of terminating the affairs of a business.
Minutes: The written report of the proceedings of a meeting.
Overheads: A business' general expenses, but not the direct cost of producing
an article. They include administrative costs, management salaries, heat and light,
rent and rates, depreciation of your assets, and all "fixed costs
Gross profit: is what you earn from sales less what it costs to make your goods
(variable costs).
Net profit: is gross profit less your fixed expenses (rent, salaries etc).…read more

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Sole traders
A sole trader is any business that is owned and run by one person. Sole traders do
not have a separate legal existence from their owner. This means they are
personally liable for any debts the business incurs. This is known as unlimited
liability. Sole traders are the most common type of business ownership in
A partnership is made up of between two and twenty partners who share the
risks, costs and responsibilities of the business.…read more

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Company member plays in achieving customer
Representing your Company where required;
As Company Secretary you are responsible for the co-ordination, communication
and organisation of issues relating to the company. Specific elements of your role
include completing registration documents and keeping the share register. You
will also need to look after the filing for your company and keep records and
documentation.…read more

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Human Resources
As Human Resources Director you are responsible for looking after the members
of your company. You should consider how you will motivate staff, what sort of
reward and recognition your company can offer, and what sort of training should
be given. You should interview and counsel staff whilst tracking and recording
individual progress, skills development and performance. Your role also covers
recording student attendance and working hours. Ultimately you should make
recommendations from your findings, and where necessary, manage disciplinary
proceedings.…read more


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