Business Studies Unit 1 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: Scarlett HawtinCreated on: 30-03-14 16:18 Name 3 reasons why businesses are set up. Financial reasons, charitable reasons, personal reasons. 1 of 17 What are the most important aims for most small business? Survival and to make profits. 2 of 17 Name 2 other aims for a small business. Provide high quality products, expansion, customer satisfaction 3 of 17 What is a 'niche market'? A small part of the market and is made up of customers with a particular need. 4 of 17 Name 4 qualities which make a successful entrepeneur. Inintiative, drive and determination, leadership skills, ability to learn from mistakes, good planning ability, networking skills, decisiveness. 5 of 17 What are the advantages of being a sole trader? They're easy to set up, you get to be your own boss, you decide what happend to any profit. 6 of 17 What are the 2 disadvantages of being a sole trader? You have to work long hours, unlimited liability. 7 of 17 What are the advantages of being in a partnership? More ideas, more people to share the work, more capital. 8 of 17 What are the disadvantages of being in a partnership? Unlimited liability, more disagreements on decisions, each partner is legally responsible for what the other partners do. 9 of 17 Name the pros of franchising. The franchisor might provide training, less risk of business failing. 10 of 17 Name the cons of franchising. You would not be able to change anything in the franchise, you have to run by the franchisors rules so freedom is limited. 11 of 17 There are 7 main aims for a business, what are they? Survival, growth, profit, environmental sustainability, market share, ethical considerations, customer satisfaction. 12 of 17 What is an objective and how does it help a business? An objective is more specific than aims, they are more measurable, they also help measure success. 13 of 17 Name 2 internal stakeholders. Employees, owners. 14 of 17 Name 2 external stakeholders. Customers, suppliers, local community, government, 15 of 17 What main sections does a business plan contain? Personal details, mission staement, objectives, product description, production details, staffing requirements, finance. 16 of 17 What influences the location of a business? Location of raw materials, labour supply, transport links, economies of concentration, communication links, location of the market, government policy. 17 of 17
Economies of Scale - Business Studies (BBC Bitesize Revision Notes) 5.0 / 5 based on 1 rating Teacher recommended
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