An organization or economic system where goods and services are exchanged for 1 another or money
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Definiton of entreprenur
Someone who takes benefit of an oppertunity to make profit from an idea/product/good and takes a risk
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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
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Franchise
A franchsie is the right given by 1 business to sell goods or services using its name
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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
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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
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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
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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.
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What is an aim
A stated target for future
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What is an Objective
A clearly defined target for a business to achieve over a period of time
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What is an SMART objective
All objectives need to be. Specific, Measurable, Achievable, Realistic, Timed
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What is a Stakeholder
Some1 who has a influence in the way a business is run and are affected by the business
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Why do businesses set objectives
To help measure success, Help with decision making, Given target to aim for, Keep things clear
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