Starting a Business

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  • Created by: JoshCarey
  • Created on: 11-07-16 10:55
Profit
Revenue - Total Costs.
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Aim
A stated target for the future .
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Objectives
A clearly defined target for a business to achieve over a certain period of time.
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Sales
The amount sold or the value sold.
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Growth
An increase in turnover, market share or profit.
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Market Share
The proportion of total market sales by one business.
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Customer Satisfaction
How happy the customer is with the product service.
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Name 7 Stakeholders
Supplier, Customer, Shareholders, Community, Bank Manager, Manager, Employee.
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Business Failure
Complete closure or bankruptcy.
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Loss of Earnings
For the owner and/or employees.
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Benefits of being a Sole Trader
Simple and quick to set up. Inexpensive to set up. Profit kept by owner. Owner has complete control of business. Hours of work can be tailored to suit the business owner.
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Drawbacks of being a Sole Trader
Unlimited liability of owner. Raising additional finance can be difficult due to individual's limited resources. Decisions all made by owner who may not have specific expertise. Reliant on health and wellbeing of owner.
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Benefits of being in a Partnership
Very few procedures to set up. Expertise of a number of people combined. More sources of finance as more people are involved.
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Drawbacks of being in a Partnership
Unlimited liability for owner. Profits are shared amongst owners. Decisions of other partners must be honoured. Maximum of 20 people can join the partnership. Partnership ends when one partner leaves.
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Why Start a Business
To pursue an interst or hobby. To escape an uninteresting job. To use new technoligy or ideas for making a product. To work from home. To provide a service or product that benefits others. To have a big business one day. To be their own boss.
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Forecasts
How much money the business expects to earn.
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Funding
How much everything will cost.
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Market Environment
Considers what is happening around the business that will affect it.
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Marketing
How the business plans to let potential customers know about its product/service.
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Other cards in this set

Card 2

Front

A stated target for the future .

Back

Aim

Card 3

Front

A clearly defined target for a business to achieve over a certain period of time.

Back

Preview of the back of card 3

Card 4

Front

The amount sold or the value sold.

Back

Preview of the back of card 4

Card 5

Front

An increase in turnover, market share or profit.

Back

Preview of the back of card 5
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