Business Studies

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Why do people start up a business?
Financial- Huge fortune from the firms profits, or just a steady income Personal-Independence or difficulties finding a job elsewhere To help others- Charity
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What are different AIMS a business can have?
-To make PROFIT -To be the biggest in their market -Expanding the business
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What are the advantages and disadvantages of a Sole Trader?
Advantages- Easy to set up, you are your own boss, you decide what happens to the profit Disadvantages- Long hours, unlimited liability
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What are the advantages and disadvantages of a Partnership?
Advantages- More ideas, share the work, more capitals(money) Disadvantages-Legally responsible, unlimited liability but can have limited liability, disagreements
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What are the PROS and CONS to franchises?
PROS- Established product less chance of the business failing, wider marketing, help provide training CONS- Only sell the products of the franchise, has to run by the franchiser's rules
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What is an Objective?
Objective help businesses achieve their aims. They are more specific.
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If a business's aim is to grow, what could be their objective be?
To increase income from sales by 30% over TWO years.w
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What are the different types of stakeholders?
Internal and External.
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What is a business plan?
A business plan is an outline of what a new business will do and how it aims to do it.
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What are the SEVEN sections that business plan have?
-Personal details - Mission statement -Objectives -Product description -Production details -Staffing requirements -Finance
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Location is influenced by nine main factors. Name 7 of they?
-Raw materials -Labour supply -Transport -Economies of concentration -Communication links -Location of the market -Government policy
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Card 2

Front

What are different AIMS a business can have?

Back

-To make PROFIT -To be the biggest in their market -Expanding the business

Card 3

Front

What are the advantages and disadvantages of a Sole Trader?

Back

Preview of the front of card 3

Card 4

Front

What are the advantages and disadvantages of a Partnership?

Back

Preview of the front of card 4

Card 5

Front

What are the PROS and CONS to franchises?

Back

Preview of the front of card 5
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