Edexcel - Business Studies Unit 1: Introduction into small business

Entrepeneur

A person who owns and runs their own business and takes risks.

Enterprise

Another word for business.

Enterprise

A willingness by an individual to take risks, show initiative and undertake new ventures.

Risk

The chance of damage or loss occuring as a result of making a decision.

Recruitment Process

Documents used in the recruitment process inlcude:

• Job description
• Job advert
• Application form
• Curriculum Vitae (CV)
• Person Specification
• Job Particulars (more detailed than job advert)

Fixed Costs

A cost to a business that does not vary (stays the same) in relation to the output produced.

Fixed Costs

• Rent
• Business Rates
• Advertising Costs
• Administration costs
• Salaries
• Insurance

Variable Costs

A cost that changes directly with the number of products made by a business.