Business Studies Unit 1 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: Maame.ACreated on: 13-04-17 13:20 What is a business Organisations that are set up to provide goods or services 1 of 24 Stakeholder Any person or group that is affected by the actions of a business 2 of 24 Internal Stakeholders Stakeholders inside the firm/business. They include; owners, employees,shareholders 3 of 24 External Stakeholders External stakeholders are outside the firms/business. They include; customers, banks, suppliers, government, local community 4 of 24 Reasons for setting up a business (OWEGE) To be your Own boss. To gain Wealth. To gain Employment. To exploit a Gap in the market. To Exploit a Business Idea. 5 of 24 Soletrader A business that is run and contolled by a single person 6 of 24 Advantages of a sole trader Profit- All profits go to the sole trader. Private. Flexible. Own Boss 7 of 24 Disadvantages of a soletrader Unlimited liablity- responsible for all debts. Growth-difficlult to grow. Long hours. May not all the skills need. 8 of 24 Partnership When 2 or more people join to make a business 9 of 24 Advantages of a partership More Capital. More ideas and specialisation. Resposiblity is shared 10 of 24 Limited company A business that is run by share holders 11 of 24 Shareholder Anyone who owns 1 or more shares(percentage) of the business 12 of 24 Advantages of Limited Company They have a separate legal identity. Limited Liablility. Continuity. 13 of 24 Disadvantages of Limited Company No privacy. Legal costs(expensive). Limited compant 14 of 24 Franchising is an agreement between a franchisor who sells the franchisee the right to use the name and products of their business 15 of 24 Advantages of franchising for the Franchisee There is less risk of failing because it is an already successful business. Get training from fanchisor. Benefit from wider marketing. 16 of 24 Disadvantages of franchising for the Franchisee Can not be flexible. Limited freedom 17 of 24 Advantages of franchising for the franchisor They can increase their market share without increasing the size of their own firm- profitable way to expand. 18 of 24 Disadvantages of franchising for the franchisor They could get a bad reputatio if the franchisee has poor standards 19 of 24 Aims Aims are long term goals that a business wishes to achieve 20 of 24 Aims for a starting business Survival, Profit, Growth, Market share, Environmental sustainablity, Ethical considerations, Customer satisfaction 21 of 24 Ojectives Objectives are ehat a business needs to be achieving to get to their aims. Objectives are used to measure success. 22 of 24 Objectives need to be..(SMART) Specific, Measurable, Agreed, Realistic and Timed 23 of 24 Why are objectives important? (MAG) They provide Motivation, Assessment and Guidance 24 of 24
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