Business 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: Ewan DawsonCreated on: 14-12-15 10:32 Primary Sector Business involved in collecting natural recources or using the land e.g. agriculture, fishing, mining, oil and gas extraction,forestry 1 of 15 Secondary Sector Business that turn natural resources into good e.g. Manufacturing, Construction 2 of 15 Teritary Sector Businesses that provide a service e.g. Hotel, Catering, Education 3 of 15 Entrepreneur Individuals who start there own business 4 of 15 Mission Statement A statement of the basic princibles of the business the reason it exists and what its trying to achieve 5 of 15 Objective A clearly defined target for a business to achieve over a period of time 6 of 15 SMART Objectives Specific,Measurable,Achievable,Realistic,Timed 7 of 15 Stake Holders Someone who has influence in the business or are effected by the business 8 of 15 Trade Credit The credit extended to you by suppliers who let you buy and pay later 9 of 15 Grant A sum of money given to an entrepreuner. The government encourage people to start small businesss and grant most of them with a fair sum of money 10 of 15 Overdraft The right to borrow variable amounts of money up to an agreed limit 11 of 15 Mortgage A legal agreement by which a bank lends money to an intrest in exchange for taking title of the debtors propertry 12 of 15 Bank Loan A fixed amount for fixed term with regualr fixed repayments.Borrowing a sum of money from a bank to be payed back with interest 13 of 15 Loans From Friends and Family An informal agreement where a sum of money is given between friends and family usually to be returned without interest 14 of 15 Social Enterprise A business that achieves a reward for society (any sector) 15 of 15
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