Business Studies

1. Financial reasons - e.g. making a huge fortune from the firm's profits, or just a steady income.

2. Personal reasons - e.g. the independence ofbeing their own boss, difficulties finding a job elsewhere, or a desire to see their ideas for a product put into practice.

3. To help others - by starting a charity, for example. 

The sector of the economy concerned with or relating to primary industry.

The sector of the economy concerned with or relating to secondary industry.

The sector of an economy concerned with or relating to tertiary industry.

Niche marketing focuses on a smaller market segment with specific definitions. Unlike mass marketing, niche marketing focuses on a smaller group of people with easily identifiable preferences, wants and needs.

A business plan is an outline of what a new business will do, and how it aims to do it.

1. Personal details of the owner and other important personnel - like their CVs. Financial backers will want to know they are trusting with their moeny.

2. Mission statement - A way of describing the broad aims of the company. They usually use long words to say something general and obvious, e.g. "To combine fresh bread and tasty fillings in popular combinations and become the market leading sandwish shop in Kent."

3. Objectives are more specific than aims, e.g. "To average 160 sandwich sales per lunchtime over 4 years."

Some companies give other firms the right to sell their products (or use their trademarks) in return for a fee. This is known as franchising.

Aims are general statements concerning the overall goals, ends or intentions of teaching. Objectives are the individual stages that learners must achieve on the way in order to reach these goals.

S.M.A.R.T. 

Specific

Measurable

Attainable

Relevant

Timely.