BCS A265

?
Why start your own business?
The desire to be your own boss, personal fulfilment, to provide a product or service, lack of alternatives
1 of 41
What are the skills needed to become a successful entrepreneur?
Perseverance, the desire/willingness to take the initiative, need to achieve, self-confidence
2 of 41
What are the benefits of a sole trader?
Easy to set up, owner gets to keep all profit
3 of 41
What are the drawbacks of a sole trader?
Unlimited liability, harder to raise money
4 of 41
What are the benefits of a partnership?
More people to share work with, more money can be put into the business
5 of 41
What are the drawbacks of a partnership?
Unlimited liability, making decisions is difficult
6 of 41
What are the benefits of a LTD?
Limited liability, controls who owns shares, easier to raise money
7 of 41
What are the drawbacks of a LTD?
Harder to set up, more paperwork
8 of 41
What are the benefits of a PLC?
Easier to raise money, limited liability
9 of 41
What are the drawbacks of a PLC?
Individual shareholders have little say, harder to keep control
10 of 41
What are the benefits to a franchisor?
Less risk as it doesn't own the outlets
11 of 41
What are the drawbacks to a franchisor?
Less control over recruitment and quality control
12 of 41
What are the benefits to the franchisee?
Doesn't need to create a brand image, less risk
13 of 41
What are the drawbacks to the franchisee?
Responsible for damage
14 of 41
What are the 7 functional areas?
Purchasing, production, marketing, sales, customer service, finance
15 of 41
What are PURCHASING used for?
Buying the raw materials
16 of 41
What are PRODUCTION used for?
Producing the goods/services
17 of 41
What are MARKETING used for?
making sure the business produces things customers are prepared to buy
18 of 41
What are SALES used for?
Selling products to customers
19 of 41
What are CUSTOMER SERVICE used for?
After sales service and complaints
20 of 41
What are HUMAN RESOURCES used for?
Recruitment then ensuring work is to a required standard
21 of 41
What are FINANCE used for?
Records of money flow, summarising profit and loss, working out how much the business is worth
22 of 41
What is a hierarchical structure's span of control?
Narrow
23 of 41
What is a hierarchical structure's chain of command like?
Long
24 of 41
What is a flat structure's span of control?
Wide
25 of 41
What is a flat structure's chain of command like?
Small
26 of 41
What are the main objectives of a privately owned business?
Profit, survival, market share
27 of 41
What are the main reasons for business failure
Poor cash flow, price of products, staying behind competition
28 of 41
Dealing with uncertainty?
Political Economic Social Technological
29 of 41
What are 4 ways of measuring customer satisfaction?
Website feedback, questionnaires, secret shoppers, benchmarking
30 of 41
What are the 3 ways of monitoring competitiveness?
Prices, market share, market research
31 of 41
What are 3 ways to become more competitive?
Reduce prices, improve promotion, develop new products
32 of 41
How png is the minimum paid holiday?
4 weeks
33 of 41
What 2 things are all employees entitled to?
A trade union, a healthy/safe environment
34 of 41
What is redundancy?
When a job is no longer needed so there is no reason for employment
35 of 41
What does an employer have to do to make someone redundant?
Prove the job is no longer required
36 of 41
What are the 3 things an employer has to do to make someone redundant?
Use fair means, provide sufficient notice, compensate them
37 of 41
What does gross misconduct result in?
Instant dismissal
38 of 41
Who is responsible for an accident at work?
The employer
39 of 41
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
40 of 41
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
41 of 41

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
View more cards

Comments

No comments have yet been made

Similar Business & Communication Systems resources:

hnjjh
See all Business & Communication Systems resources »See all A265 resources »