Business Studies: Starting up a business

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Opportunity Costs
The loss of a next best alternative, when one thing is chosen.
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Entrepreneur
A person who sets up a business or businesses in hope of profit.
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Innovation
The process of translating an idea into a good or service.
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Market Mapping
Identifies key features that characterise the consumers within a market, e.g young / old or trendy / traditional.
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Aim
A long term goal, e.g make 1million by the end of the year.
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Objective
A short term target. MUST BE SMART!
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Market Share
The percentage of an industry or markets total sales earned by a company. (SALES OF FIRM DIVIDED BY TOTAL SALES (X100))
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Social Enterprise
Businesses that's main aim is to help a social problem, e.g helping the environment or the homeless.
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SMART Objectives
Specific Measurable Achievable Realistic and Time scaled.
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Business Plan
A written document that describes in detail how a business is going to achieve it's aims.
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Stakeholder
Stakeholders are individuals, groups or organisations that are affected by the activity of the business, e.g owners or customers.
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Sole Trader
When a business is owned by one person, who has full responsibility of the business.
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Unlimited liability
Owners are responsible for paying off all business debts, even with personal items if need be.
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Partnership
A type of business organisation in which 2 - 20 individuals share skills, profits and ideas.
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Deed of Partnership
A document containing each individuals responsibilities within a partnership, and how much they own.
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Private Limited Company (ltd)
A type of privately held business, that limits owner responsibility and is limited to 50 individuals.
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Shareholder
An owner that owns part of a company.
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Incorporation
The process of legally declaring a corporate as separate from it's owners
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Limited Liability
They are not personally responsible if the business goes into debt - can't loose personal items.
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Dividend
A sum of money paid regularly by a company to it's shareholders out of the profits.
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Franchising
Arrangement where one party grants another the right to sell under their name, in return for a share of the profits.
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Franchisor
The company allowing someone else to sell under their name.
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Franchisee
The person selling under someone's name.
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Royalty Payments
Made to the legal owner of the business in order to own the right to sell under their name. (Franchising)
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Other cards in this set

Card 2

Front

A person who sets up a business or businesses in hope of profit.

Back

Entrepreneur

Card 3

Front

The process of translating an idea into a good or service.

Back

Preview of the back of card 3

Card 4

Front

Identifies key features that characterise the consumers within a market, e.g young / old or trendy / traditional.

Back

Preview of the back of card 4

Card 5

Front

A long term goal, e.g make 1million by the end of the year.

Back

Preview of the back of card 5
View more cards

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