To make money. To peruse a career you enjoy. To fill a gap in the market.
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What is an entrepreneur
An entrepreneur is somebody who has an idea for a product or business.
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What skills does an entrepreneur need
You need to be inventive and creative, avalible to adapt to change , hard working and determined so the business runs effectively.
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What is a gap in the market
A product or business that doesn’t yet exist and a customers need that hasn’t been met yet.
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What is a niche market
A niche market is a specific part of a market, it is specialised to one certain, specific need of a customer.
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What is a mass market
The mass market is the whole market, to every single customer, need and business.
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Sole trader advantages, disadvantages and examples
+ you get 100% of the profit, get all of the fame if the business is successful. - Heavy workload , The desisions only you make may not be agreeable with others. Example: Lord sugar
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Partnership advantages, disadvantages and examples
+Share the workload,Can confer, Double the experience. -Share profits, can argue. Example: Warner bros.
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Private limited company advantages, disadvantages and examples
+Lower tax to pay,Companys finances are separated.- costly to set up, Complex. Example: New look, Natwest
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Public limited company advantages, disadvantages and examples
+ lots of money from selling shares. -Hard to communicate with different people owning shares,There must be at least 2 directors. Example: Marks and Spencer and Yahoo!
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Franchise advantages, disadvantages and examples
+ Get help, support and training -Pay an initial fee Example: Mc donalds
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What is limited liability
Limited Liability is when shareholders are legally responsible for the debts of their company so their own possessions may be taken to pay debts.
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What is unlimited libability
Where the owners are responsible for debts
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An aim is
Goals for the company
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Examples of aims for a small buisness
Sell 50 items a day. Get an advert in the local newspaper
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Why are aims important for buisnesses
They help the business grow the way the owner wants it too.
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A stakeholder is
A type of person that has a part in the business
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Examples of stakeholders are
Owners, Managers, customers, workers
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How can they influence the buisness
They help the business work and grow
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A business plan is
business goals, and plans for reaching them. It may also contain background information about the buisness
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Push factors+ Examples
Planning to make a product Example: Wants and needs by the customer
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Pull factors+ Examples
Restarting a product due to customer demand Example:Expressed market needed , promotion
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Explain how the following factors when considering ‘Location’ are important: Proximity to market, Transport links, Competition Costs ,Climate
You write here: (card for Grace to write on)
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What is e-commerce and why would some businesses choose to sell via e-commerce
E-commerce is using online and internet methods of advertising example: adverts, a website, selling products online or on websites like amazon
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Other cards in this set
Card 2
Front
What is an entrepreneur
Back
An entrepreneur is somebody who has an idea for a product or business.
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