Business Framework 0.0 / 5 ? Business StudiesBusiness environmentGCSEWJEC Created by: Jordan OCreated on: 09-03-18 08:22 Reasons for starting a business Challenge and personal satisfaction, be own boss, legacy of family business 1 of 25 Objectives of business Profit, growth and survival 2 of 25 Skills and Qualities of an entrepreneur Creativity, determination, confidence, communication 3 of 25 What is a stakeholder? Anyone that has an interest in a business. E.g. customer 4 of 25 What is a sole trader? An individual who owns and runs their own business 5 of 25 Advantages of a sole trader Cheap and easy to set up, you are the boss 6 of 25 Disadvantages of a sole trader Unlimited liability, few specialist skills 7 of 25 What is a partnership? Where 2 or more people run the business 8 of 25 Advantages of a partnership More specialist skills, risks and responsibilities shared 9 of 25 Disadvantages of a partnership Unlimited liability, arguments can occur between partners 10 of 25 What is a private limited company? A small company where shares do not trade on stock 11 of 25 Advantages of private limited company? Limited liability, more expertise available 12 of 25 Disadvantages of private limited comapny Can't sell shares to general public 13 of 25 What is a public limited company? A large company where there shares are on the stock exchange 14 of 25 Advantages of public limited company Limited liability, ability to raise share capital 15 of 25 Disadvantages of public limited company Expensive to set up e.g.50,000 and strict rules and regulations 16 of 25 What is a franchisee? A individual or company that holds a franchise for the sale of goods 17 of 25 Advantages of franchisee Good chance of success, franchisor provides financial support 18 of 25 Disadvantages of franchisee The business is not theirs, could be withdrawn any time 19 of 25 What is a franchisor? A company that sells the right to use a business idea 20 of 25 Advantages of franchisor Can expand quickly, no large workforce to manage 21 of 25 Disadvantages of franchisor Trade name is ruined, initial set up is very expensive 22 of 25 Definition of social enterprise It is when you do something good for society. E.g. charity 23 of 25 Definition of worker co-operative It is owned and controlled by the people who work in it 24 of 25 Definition of consumer co-operative It is owned by consumers 25 of 25
GCSE AQA business studies Unit 1 starting up a business 5.0 / 5 based on 1 rating Teacher recommended
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