Business Studies Unit 1.1 (Starting a Business) Keywords

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Business
A commercial activity
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Entrepeneur
Someone who is willing to take the risks involved in starting a business
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Social Enterprise
A business that is set up to help society rather than make a profit
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Primary Sector
Businesses involved in the first stage of production with raw materials (E.G: Quarries and Fishing)
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Secondary Sector
Businesses and Organisations involved in the second stage of production with using primary resources to make secondary resources (E.G: Manufacturers and Printers)
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Tertiary Sector
Businesses and Organisations involved in providing services and selling goods. (E.G: Estate agents and Delivery firms)
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'Gap in the market'
A potential consumer need. which isn't in the market yet
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Market Research
The process of gathering, analyzing and presenting data relevant to marketing
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Primary Market Research
Gathering and analyzing market data that hasn't been collected before (E.G: Questionnaires)
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Secondary Market Research
Gathering and analyzing market data that has been collected already (E.G: Market Research)
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Market Share
Indicated by the sales of one product to the total market sales (Given in a percentage)
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Franchise
When a franchisor sells the rights to an existing business to a franchisee (E.G: McDonald's Franchises)
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Franchisor
The seller of a franchise
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Franchisee
The buyer of a franchise
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Aim
A long term goal by a business. (E.G: Survival)
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Objective
A target set to meet an aim (E.G: Display social responsibility)
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Non-Profit Organisations
Businesses that don't aim to make a profit (E.G: UNICEF)
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Public Sector Organisation
Owned by the Government (E.G: The NHS)
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Private Sector Organisation
Owner by individuals (E.G: Apple)
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Stakeholders
Anybody affected by the activities of a business (E.G: Customers and Stakeholders)
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Primary (Internal) Stakeholders
People directly benefiting from or affected by a particular business activity (E.G: Owners and Customers)
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Secondary (External) Stakeholders
People NOT directly benefiting from or affected by a business activity outside the business (E.G: Communities and Government)
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Business Plan
A document containing business details, what it will do, and how it will achieve its aims and objectives
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Business Planning
The act of creating a business plan
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Risk
The possibility of something going wrong (E.G: Taking a loan)
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Uncertainty
Something that we cannot be sure will happen (E.G: The success of a product)
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Legal Structure
What type a business is under the eyes of the law
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Sole Trader
A business owned and managed by one person (E.G: A hairdressers)
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Partnership
A business owned and managed by 2-20 people (E.G: The beginning of Google)
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Deed of Partnership
An agreement between partners that sets out the rules of a partnership, how profits will be divided, and how the partnership will be divided if someone wants to leave
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Company
A business that has its own legal identity. It can owe money, own items, sue and be sued.
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Private Limited Company (LTD)
A company that offers limited liability and legal protection for its shareholders (E.G: Warbutons)
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Franchise
A privilege granted to make a market under and already trademarked name (E.G: Burger King)
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Shareholder
An owner of a company who gets a share of the profits.
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Location
A names graphical place where firms are located (E.G: Thorne or an Airport)
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Competitors
A person or entity which is a rival against another (E.G: McDonald's and KFC in the fast food market)
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Raw Materials
Basic substances in their natural state (E.G: Coal)
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Other cards in this set

Card 2

Front

Someone who is willing to take the risks involved in starting a business

Back

Entrepeneur

Card 3

Front

A business that is set up to help society rather than make a profit

Back

Preview of the back of card 3

Card 4

Front

Businesses involved in the first stage of production with raw materials (E.G: Quarries and Fishing)

Back

Preview of the back of card 4

Card 5

Front

Businesses and Organisations involved in the second stage of production with using primary resources to make secondary resources (E.G: Manufacturers and Printers)

Back

Preview of the back of card 5
View more cards

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