Business unit 1 booklet 1 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: ChloeedannielleCreated on: 20-04-15 16:52 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 8 of 23 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 13 of 23 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 16 of 23 Market share The percentage of total sales in a market made by a business 17 of 23 Stakeholder A group of people who are affected by the actions of the business 18 of 23 A social enterprise A business that is run to help society 19 of 23 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 22 of 23 Mail order When goods are brought through catalogues or on-line and delivers directly to the customer 23 of 23
Comments
No comments have yet been made