Business unit 1 booklet 1

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Business
Organising resources to achieve a reward
1 of 23
Entrepreneur
Someone with an idea for a business
2 of 23
Primary sector
Businesses that produce raw materials
3 of 23
Secondary sector
Businesses that turn raw materials into products
4 of 23
Tertiary sector
Businesses that provide a service
5 of 23
Differentetation
To make a business stand out from the rest
6 of 23
Gap in the market
A business opportunity that is either a completely new idea or adds something different to an existing product or service
7 of 23
Niche market
A small group of consumers that share a similar need
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A frachise
The legal right to use the name, logo and products of an existing business
9 of 23
Sole trader
A business that is owned by just one person
10 of 23
Unlimited liability
When the owners of a business are personally liable for its debts
11 of 23
Partnership
A business run by 2-20 partners
12 of 23
Private Limited Company (Ltd)
A business owned by shareholders who have limited liability
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Limited liability
When the shareholders can only lose the money they've invested into the business.
14 of 23
Incorporation
The legal process of forming a limited company
15 of 23
Business objectives
A target for a business to achieve by a set date
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Market share
The percentage of total sales in a market made by a business
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Stakeholder
A group of people who are affected by the actions of the business
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A social enterprise
A business that is run to help society
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Business plan
A document outlining how an entrepreneur plans to achieve their objectives
20 of 23
Logistics
The process of assembling all the raw materials a business needs and delivering products to customers
21 of 23
A market
A place where buyers and sellers come together to exchange goods/services for money
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Mail order
When goods are brought through catalogues or on-line and delivers directly to the customer
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Other cards in this set

Card 2

Front

Someone with an idea for a business

Back

Entrepreneur

Card 3

Front

Businesses that produce raw materials

Back

Preview of the back of card 3

Card 4

Front

Businesses that turn raw materials into products

Back

Preview of the back of card 4

Card 5

Front

Businesses that provide a service

Back

Preview of the back of card 5
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