Business

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What is a business plan?
Set of documents, that you have to write before starting a business
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Ideas for the contents of a business plan
The business idea, Market Research, Finance, Review of the market place etc
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what can make a business successful?
Good amount of market research, good at planning, good with people
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What is a entrepreneur?
An entrepreneur is someone who takes calculated risks to gain great results (profit)
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5 things an entrepreneur needs to have a successful business
1. Makes good decisions, 2. knowledgeable, 3. organised, 4. Creative, 5. Good leader, 6. Takes risks, 7. Confident, 8. Honest
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What's the 2 types of Market Research?
Priamry and Secondary
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What is primary Research?
Research you collect yourself
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what are 3 Positives of Primary Research?
1. easy to analyse, 2. Up to date, 3. More accurate
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What are 2 negatives of Primary Research?
1. Expensive, 2. Takes longer
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What are 3 types of Primary research?
1. Surveys, 2. Focus Groups, 3.Interviews, 4. Questionnaires etc
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What is Secondary Research?
Information that has already been collected and published by others
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What are 3 positives of Secondary research?
1. quicker, 2. easier, 3.cheaper, 4. wider range of information etc
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What are 3 negatives of Secondary Research?
1. might not be up to date, 2. Might not be revelant to what you are looking for, 3. not easy to analyse
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what are 3 types of Secondary Research?
1. internet, 2. books, 3. internal data
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what are the 5 main questions business look at whilst doing market research?
1.how often do the customers need to buy the product? 2. what types of customers is the product aimed to? 3. would the public buy the product? 4. where will it be sold? 5. what price would it be?
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What are the 3 types of business ownerships?
1. Sole proprietors, 2. partnerships, 3. companies
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What is a sole Proprietor?
Someone who works by themselves
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what are 5 positives of being a sole proprietor?
1. full control, 2 freedom, 3, accounts are private, 4. no extra costs or expenses, 5. get to keep all the profits to yourself
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what are 5 negatives of being a sole proprietor?
1. long hours, 2. no sick days or hoildays, 3. might not have all skills needed. 4. hard to get known, 5. stressful
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what is a partnership?
partnerships is when 2- 20 people are involved in the business
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what are 3 positives of a partnership?
1. better income 2.more range of skills 3. less hours. 4. less stress
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what are 3 negatives of a partnership?
1. shared profit 2. could differ in opinions 3. might not get everything you want
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what comes after a companies name, that help people to idenify what type of company they are?
Ltd and Plc
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what is Ltd?
Limited- Private limited company
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how many people can own a Ltd company?
one person can own a Ltd company
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what is a Plc?
Public limited company
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how many people can own a Plc company?
minimum of 2 shareholders and 2 directors
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How can people own a bit of a Plc company
the company is shared on a stock exchange, people buys parts of a company by shares
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Other cards in this set

Card 2

Front

Ideas for the contents of a business plan

Back

The business idea, Market Research, Finance, Review of the market place etc

Card 3

Front

what can make a business successful?

Back

Preview of the front of card 3

Card 4

Front

What is a entrepreneur?

Back

Preview of the front of card 4

Card 5

Front

5 things an entrepreneur needs to have a successful business

Back

Preview of the front of card 5
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Comments

davidsalter

A set of 28 flash cards examining unit 1 of the GCSE exam. Excellent for last minute revision.

mikescib

This made me hard

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