BCS A265

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Why start your own business?
The desire to be your own boss, personal fulfilment, to provide a product or service, lack of alternatives
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What are the skills needed to become a successful entrepreneur?
Perseverance, the desire/willingness to take the initiative, need to achieve, self-confidence
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What are the benefits of a sole trader?
Easy to set up, owner gets to keep all profit
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What are the drawbacks of a sole trader?
Unlimited liability, harder to raise money
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What are the benefits of a partnership?
More people to share work with, more money can be put into the business
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What are the drawbacks of a partnership?
Unlimited liability, making decisions is difficult
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What are the benefits of a LTD?
Limited liability, controls who owns shares, easier to raise money
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What are the drawbacks of a LTD?
Harder to set up, more paperwork
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What are the benefits of a PLC?
Easier to raise money, limited liability
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What are the drawbacks of a PLC?
Individual shareholders have little say, harder to keep control
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What are the benefits to a franchisor?
Less risk as it doesn't own the outlets
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What are the drawbacks to a franchisor?
Less control over recruitment and quality control
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What are the benefits to the franchisee?
Doesn't need to create a brand image, less risk
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What are the drawbacks to the franchisee?
Responsible for damage
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What are the 7 functional areas?
Purchasing, production, marketing, sales, customer service, finance
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What are PURCHASING used for?
Buying the raw materials
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What are PRODUCTION used for?
Producing the goods/services
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What are MARKETING used for?
making sure the business produces things customers are prepared to buy
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What are SALES used for?
Selling products to customers
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What are CUSTOMER SERVICE used for?
After sales service and complaints
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What are HUMAN RESOURCES used for?
Recruitment then ensuring work is to a required standard
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What are FINANCE used for?
Records of money flow, summarising profit and loss, working out how much the business is worth
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What is a hierarchical structure's span of control?
Narrow
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What is a hierarchical structure's chain of command like?
Long
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What is a flat structure's span of control?
Wide
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What is a flat structure's chain of command like?
Small
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What are the main objectives of a privately owned business?
Profit, survival, market share
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What are the main reasons for business failure
Poor cash flow, price of products, staying behind competition
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Dealing with uncertainty?
Political Economic Social Technological
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What are 4 ways of measuring customer satisfaction?
Website feedback, questionnaires, secret shoppers, benchmarking
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What are the 3 ways of monitoring competitiveness?
Prices, market share, market research
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What are 3 ways to become more competitive?
Reduce prices, improve promotion, develop new products
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How png is the minimum paid holiday?
4 weeks
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What 2 things are all employees entitled to?
A trade union, a healthy/safe environment
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What is redundancy?
When a job is no longer needed so there is no reason for employment
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What does an employer have to do to make someone redundant?
Prove the job is no longer required
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What are the 3 things an employer has to do to make someone redundant?
Use fair means, provide sufficient notice, compensate them
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What does gross misconduct result in?
Instant dismissal
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Who is responsible for an accident at work?
The employer
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What are the 4 things an employer must provide?
Health and safety training + information, risk assessment, and accident book, h&s officers to make sure laws are being followed
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What are the 8 laws of data protection?
Fairly processed, Processed for limited purposes, Adequate/relevant, Up-to-date, Not kept for longer than necessary, Processed in line with your rights, Secure, Not transferred to other countries without adequate protection
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Other cards in this set

Card 2

Front

What are the skills needed to become a successful entrepreneur?

Back

Perseverance, the desire/willingness to take the initiative, need to achieve, self-confidence

Card 3

Front

What are the benefits of a sole trader?

Back

Preview of the front of card 3

Card 4

Front

What are the drawbacks of a sole trader?

Back

Preview of the front of card 4

Card 5

Front

What are the benefits of a partnership?

Back

Preview of the front of card 5
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