Business Studies Y10

Intro to a Business

Entrepeneur

Mini-Business Plan

Functions of a Business and Added Value

Industrial Sectors

Business Planning

Objectives and Stakeholders

Locations

Private Sector Ownership

Sole Traders and Liability

Partnerships and Deeds

Ltd's

Plc's

Franchises

 

 

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Stakeholders and Objectives

Stakeholder: A stakeholder is an individual or an organisation that effects or is effected by the activities of a business.

What is an objective?

S pecific : Clearly understood not vague.

M assurable: Easy to see if the objective has been met.

A chievable: The person can reach their target/objective.

R ealistic: The task is achievable, and reachable.

T ime related: The task is given a time frame that it has to be met with.


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Stakeholders and Objectives

What is an aim?

It is the overall company goal.

Main objectives of a Business:

Survival

Growth

Profit

Customer Satisfaction

Market Share

To be ethical and sustainable

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Goods and Services

Tangible: They are goods that are physical and can be touched.

Non-Tangible: They are services, which can't be touched.

 

Why do people set up a business?

To be noticed.

Desire to help people (Social Enterprise).

To be in charge of their own career.

Can't get another job.

 

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Industrial Sectors

Primary Sector: Businesses that obtain raw materials using natural resources.

e.g. : Oil, mining, logging etc.

Secondary Sector: Processing raw materials into finished goods.

E.g. : Making iron ore and coal into steal.

Manufacturing, production, constructing and assembling etc.

Tertiary Sector: Providing a service to any aspect of the industry. They are intangible. 

 

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Business Planning

What is business planning?

A business plan states, what a business is trying to achieve, and how they are going to get there.

Sections within a Business Plan

Background Information: On the investors and their previous experiences.

Analysis: Of the market and the firm's position in it.

Explanation: Of how it will be competitive. (USP)

Financial Position: Forecasts, sales, profits and cash flows.


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Legal Identity

Unincorporated: In law, the business and the owners are seen as the same thing. You sure the owner. (Sole Traders and Patnerships)

Incorporated: In law the business and the owners are seen as separate. You sue the business. (LTD's and PLC's)


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  • unlimited liability
  • only one owner
  • take all the profits
  • have to bear all losses
  • do not have a range of skills in the business
  • have to make all the decisions by themselves
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Partnerships

  • unlimited liability
  • can have between 2 and 20 partners
  • partners can have arguments
  • can share skills and decisions
  • can have a 'sleeping partner' who justs invets in the business but does not make any decisions
  • may have a deed of partnership OR profits are split 50:50
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private limited company (ltd)

  • limited liability
  • Cannot sell it's shares on the stock exchange

public limited company (plc)

  • limited liability
  • expensive and time consuming to set up
  • Can sell its shares on the stock exchange
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