an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.
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Business plan contents
summary, description, service/products, market analysis, strategy, team, finance plan
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Sole trader
A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers. They have unlimited liability
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Partnership
Partnerships are businesses owned by two or more people. ( Up to 20.) Examples of partnerships are dentists. Unlimited liability
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Private limited company, Ltd
A limited company has special status in the eyes of the law. These types of company are incorporated, which means they have their own legal identity and can sue or own assets in their own right. They have Limited liability.
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Marketing mix
4 p's - price, product, placement, promotion. If all 4 things are done well, the business should be successful
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Sources of finance
There can be short and long term internal sources, and short and long term external sources.
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Internal sources
profits, revenue, selling shares
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External sources
Loans, grants ( money from government to help business,) leasing, mortgage, overdrafts.
Flexible hours, lunch breaks, free parking, good equipment, nice other staff
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Batch production
when a small quantity of identical products are made. Batch production may also be labour intensive, but jigs and templates are used to aid production. Batches of the product can be made as often as required. The machines can be easily changed to pro
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Mass production
when hundreds of identical products are made, usually on a production line. Mass production often involves the assembly of a number of sub-assemblies of individual components. Parts may be bought from other companies.
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Other cards in this set
Card 2
Front
summary, description, service/products, market analysis, strategy, team, finance plan
Back
Business plan contents
Card 3
Front
A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers. They have unlimited liability
Back
Card 4
Front
Partnerships are businesses owned by two or more people. ( Up to 20.) Examples of partnerships are dentists. Unlimited liability
Back
Card 5
Front
A limited company has special status in the eyes of the law. These types of company are incorporated, which means they have their own legal identity and can sue or own assets in their own right. They have Limited liability.
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