Business Studies Unit 1

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Name 3 reasons why businesses are set up.
Financial reasons, charitable reasons, personal reasons.
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What are the most important aims for most small business?
Survival and to make profits.
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Name 2 other aims for a small business.
Provide high quality products, expansion, customer satisfaction
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What is a 'niche market'?
A small part of the market and is made up of customers with a particular need.
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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.
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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.
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What are the 2 disadvantages of being a sole trader?
You have to work long hours, unlimited liability.
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What are the advantages of being in a partnership?
More ideas, more people to share the work, more capital.
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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.
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Name the pros of franchising.
The franchisor might provide training, less risk of business failing.
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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.
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There are 7 main aims for a business, what are they?
Survival, growth, profit, environmental sustainability, market share, ethical considerations, customer satisfaction.
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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.
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Name 2 internal stakeholders.
Employees, owners.
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Name 2 external stakeholders.
Customers, suppliers, local community, government,
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What main sections does a business plan contain?
Personal details, mission staement, objectives, product description, production details, staffing requirements, finance.
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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.
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Other cards in this set

Card 2

Front

What are the most important aims for most small business?

Back

Survival and to make profits.

Card 3

Front

Name 2 other aims for a small business.

Back

Preview of the front of card 3

Card 4

Front

What is a 'niche market'?

Back

Preview of the front of card 4

Card 5

Front

Name 4 qualities which make a successful entrepeneur.

Back

Preview of the front of card 5
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