Business Studies -Starting a Business 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: GraceRobinsonCreated on: 08-01-16 12:10 Define social enterprise an activity in a business that achieves a reward for society once a product is sold 1 of 22 Example of social enterprise Toms 2 of 22 Define Gap in the market Business opportunity with a new idea or adds onto existing products 3 of 22 Define a franchise the right to use a name and logo of an existing firm (business) 4 of 22 Advantages of a franchise less risky as its already a known business and easy to set up 5 of 22 Disadvantages of franchise Have to give a % of the revenue to the owner and franchisee doesn't have control over decision making 6 of 22 3 key business objectives when starting a business survive first year, growth in sales and making profit by hitting target 7 of 22 Define business aim stated target for the future 8 of 22 Define business objective a defined target to achieve over a certain period of time 9 of 22 How do you calculate profit revenue-cost 10 of 22 Define growth a increase in revenue, market share and profit 11 of 22 Whats a stakeholder someone who has an interest in a business e.g.- customers, employees and managers 12 of 22 Define a business plan a statement showing how a business sets out to achieve its aims and objectives 13 of 22 Define sole trader A business ran by only one person 14 of 22 Advantages of a sole trader easy to set up, and freedom to make decisions 15 of 22 Disadvantages of a sole trader long hours and unlimited liability 16 of 22 Define partnership two or more (max 20) involved in a business and they share risks, costs and responsibilities 17 of 22 Advantages of a partnership someone to consult decisions with 18 of 22 Disadvantages of a partnership shared responsibilities causing disputes to arise, and unlimited liability 19 of 22 define limited liability shareholders can only lose the amount of investment that they put in if the business fails 20 of 22 define unlimited liability owners are responsible for all business debts 21 of 22 state three factors which affect a businesses choice of location costs, infrastructure and the market 22 of 22
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