The Business Framework

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Enterprise
A word used to describe the skills and personality of a person that makes them successful in business, such as being determined to succeed and being confident.
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Entrepreneur
A person who starts and runs a business. They will have enterprise skills which make them successful in business.
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Factors of Production
Four resouces that are essential for business that includes Capital, Enterprise, Land and Labour
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Business Objectives
These are what the business is trying to achieve, e.g. profit, growth, survival or providing a service. Objectives vary from business to business and will change with time.
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Mission Statement
A brief summary of the main objectives a business or organisation has.
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Stakeholders
An individual or group of people who have an interest in a business, including, workers, customers, owners and the local community.
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Private Sector
This part of the business is owned by private individuals. This is the greater part of business activity and includes sole traders, partneraships and private and public limited companies.
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Public Sector
The part of the business actvity controlled by local and central government, including health, education, fire service, police and the Post Office.
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Incorporated
A form of business organisation which is a seperate legal entity. It has limited liabilty and is owned by shareholder.
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Unincorporated
A type of business organisation which has unlimited liability.
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Sole Trader
Also known as a sole proprietor, it is where one person owns the business.
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Partnership
A form of unincorporated business organisation which is owned by more than 1 person.
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Silent or Sleeping Partner
A person who has invested capital into a business but who does not take an active part in the running of the business.
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LLP
A limited liability partnership. This is a new form of business organisation which trades as a partnership with limited liabilty.
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Unlimited Liability
Owners of the business are liable for their debts.
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Limited Liability
The owner of a business does not risk losing personal possessions in order to pay off the debts of the business.
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Bankruptcy
Something that affects individuals and unincorporated businesses when liabilities are greater than assets.
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Private Limited Company
A business owned by shareholders. It is normally identified by the word 'Limited' or 'LTD' somewhere in the name of the business.
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Public Limited Company
A business owned by shareholdes. Shares in the business can be bought and sold without restrictions. The business must use the words 'Public Limited Company' or 'PLC' somewhere in the business.
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Dividend
A payment made to shareholders from the profits made by a pivate or public limited company.
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Capital
Money usually raised through the sale of shares to investors.
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Franchise
A marketing arrangement that allows another business to trade in the same style as an existing business.
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Franchisor
The name given to the person or business who offers to franchise to other businesses its trading methods, products and business logo.
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Franchisee
The name given to a business or person buying a franchise.
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Social Enterprise
The name give to a business enterprise that is run for the benefit of this community with any profits that are made being put back into community projects.
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Co-operatives
Are by people with a shared interest, to benefit all involved. Each participant has an equal say.
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Other cards in this set

Card 2

Front

A person who starts and runs a business. They will have enterprise skills which make them successful in business.

Back

Entrepreneur

Card 3

Front

Four resouces that are essential for business that includes Capital, Enterprise, Land and Labour

Back

Preview of the back of card 3

Card 4

Front

These are what the business is trying to achieve, e.g. profit, growth, survival or providing a service. Objectives vary from business to business and will change with time.

Back

Preview of the back of card 4

Card 5

Front

A brief summary of the main objectives a business or organisation has.

Back

Preview of the back of card 5
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