Starting A Business

HideShow resource information
Definition of business
An organization or economic system where goods and services are exchanged for 1 another or money
1 of 14
Definiton of entreprenur
Someone who takes benefit of an oppertunity to make profit from an idea/product/good and takes a risk
2 of 14
definition of a social enterprise
A non- profit business that employs people a reward and earns income in order to help addressed percieived social or environment issues
3 of 14
Franchise
A franchsie is the right given by 1 business to sell goods or services using its name
4 of 14
5 reasons to start a business
to gain profit. to be their own boss.o do what you're interested in. to fulfil a dream. A second career. you can work from home
5 of 14
Difference between a franchisee and a franchisor
Franchisee is thwe perosn who owns the franchise of the business and the franchisor is the company that provides a franchise to a franchisee
6 of 14
Give benefits and drawbacks of operating a franchise rather than start a business from scratch
Benfits: Low risk of failure, More reconisable brand= more customers, More support certain level of quantity, Can charge higher prices unlike small business
7 of 14
Give benefits and drawbacks of operating a franchise rather than start a business from scratch part 2
Drawbacks: Cost £250,000+ and bank might not give you loan, not completely independent, can't be your own boss, Ongoing royalties, can be terminated whenever.
8 of 14
What is an aim
A stated target for future
9 of 14
What is an Objective
A clearly defined target for a business to achieve over a period of time
10 of 14
What is an SMART objective
All objectives need to be. Specific, Measurable, Achievable, Realistic, Timed
11 of 14
What is a Stakeholder
Some1 who has a influence in the way a business is run and are affected by the business
12 of 14
Why do businesses set objectives
To help measure success, Help with decision making, Given target to aim for, Keep things clear
13 of 14
What aims and objectives might a business have.
Profit, Market share, Being ethical, survival, Enviromental, sustaiable taregt, growth, customer satisfaction.
14 of 14

Other cards in this set

Card 2

Front

Definiton of entreprenur

Back

Someone who takes benefit of an oppertunity to make profit from an idea/product/good and takes a risk

Card 3

Front

definition of a social enterprise

Back

Preview of the front of card 3

Card 4

Front

Franchise

Back

Preview of the front of card 4

Card 5

Front

5 reasons to start a business

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Starting a business resources »