Chapter One---What is Business

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Why People take risks to startup a business?
Because of the possibility of big financial rewards
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Reasons of People setting up a Business
They want to be their own boss, they can do a job that they are really interested in and they can make more than earn working as an employee
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Why do most business need to make a profit?
Because if a business doesn't make enough money to survive it could go bankrupt and have to close down.
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Explain the difference between Private, Public Sector and Non-profit Business?
Private Sector is owned by private individuals and companies, Public Sector is owned by the government to provide service to the community
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What other Aims can Busineses have?
Offer the highest quality goods and services possible. Give excellent customer service. Have a great image and reputation. Develop new products ahead of competitors. Offer a diverse range of goods and services. Become fully sustainable. Invest
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What is the main aim of a business?
To make a profit
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What is really important that Businesses want to achieve?
The Mission, Aims and Objectives of the business
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Explain why Mission Statements tell you about Business's intentions
The mission of a business is its overall purpose or main corporate aims. The statement is a written description of these aims. It intended to make all stakeholders aware of what the business does and to encourage employees to work towards its aims.
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Explain why Mission Statements tell you about Business's intentions
The statement tell you the purpose of the business and include other information,such as its value, standards, strategy, who the customers are and what makes the business unique.
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Explain why Mission Statements tell you about Business's intentions
The Statement give clues about the company's beliefs. For example, a mission statement that mentions ethics and principles gives a big hint that mention ethical practice is important as well as profitability.
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Explain why Mission Statements tell you about Business's intentions
The statement can give staff a sense of shared purpose and encourage them to work towards common goals. having the cooperation of all the staff makes it more likely that a business will achieve its aims.
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Explain why Mission Statements tell you about Business's intentions
Companies don't have to prove that what they say in their statement is accurate. This is a bad practice and business's reputation will be damaged if customers find it its action don't reflect its stated values.
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Other cards in this set

Card 2

Front

Reasons of People setting up a Business

Back

They want to be their own boss, they can do a job that they are really interested in and they can make more than earn working as an employee

Card 3

Front

Why do most business need to make a profit?

Back

Preview of the front of card 3

Card 4

Front

Explain the difference between Private, Public Sector and Non-profit Business?

Back

Preview of the front of card 4

Card 5

Front

What other Aims can Busineses have?

Back

Preview of the front of card 5
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