THE LEVEL OF RISK IS LIMITED TO THE AMOUNT OF MONEY THAT HAS BEEN INVESTED IN THE BUSINESS OR PROMISED AS AN INVESTMENT
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ASSETS
PROPERT, SUCH AS A HOUSE OR CAR
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INCORPORATED
A BUSINESS THAT IS REGISTERED AS A COMPANY, SO THE BUSINESS AND THE OWNERS ARE SEPERATE IN THE EYES OF THE LAW
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UNLIMITED LIABILTY
THE LEVEL OF RISK GOES BEYOND THE AMOUNT INVESTED, SO THE PERSONAL ASSETS OF THE BUSINESS OWNER CAN BE USED TO PAY OFF THE BUSINESS' DEBTS
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UNINCORPORATED
A BUSINESS THAT IS NOT REGISTERED AS A COMPANY, SO THE OWNERS AND THE BUSINESS ARE THE SAME BODY IN THE EYES OF THE LAW
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SOLE TRADER
A TYPE OF UNICORPORATED BUSINESS THAT ITS OWNER BY JUST ONE PERSON
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PARTNERSHIP
A BUSINESS THAT IS OWNED BY A GROUP OF TWO OR MORE PEOPLE WHO SHARE THE FINANCIAL RISK, THE DECISION-MAKING AND THE PROFITS
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DEED OF PARTNERSHIP
A LEGAL DOCUMENT THAT DEFINES THE TERMS OF A PARTNERSHIP
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PRIVATE LIMITED COMPANY
AN INCORPORATED BUSINESS THAT IS OWNED BY SHAREHOLDERS
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SHAREHOLDERS
INVESTORS WHO ARE PART-OWNERS OF A COMPANY. THEY INVEST IN THE BUSINESS IN RETURN FOR A SHARE OF THE PROFITS AND VOTING RIGHTS AT THE AGM
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FRANCHISE
WHEN ONE BUSINESS GIVES ANOTHER BUSINESS PERMISSION TO TRADE USING ITS NAME AND PRODUCTS IN RETURN FOR A FEE AND SHARE OF ITS PROFITS
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FRANCHISOR
AN ESTABLISHED BUSINESS THAT GIVES PERMISSION TO AN ENTREPRENEUR TO TRADE USING ITS NAME AND PRODUCTS
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FRANCHISEE
AN ENTREPRENEUR WHO PAYS A FEE TO TRADE USING THE NAME AND PRODUCTS OF AN ESTABLISHED BUSINESS
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LABOUR
WORKERS OR THE WORKFORCE
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FOOTFALL
THE NUMBER OF PEOPLE PASSING A PARTICULAR LOCATION WITHIN A GIVEN TIME PERIOD
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DEMOGRAPHICS
THE CHARACTERISTICS OF THE POPULATION, SUCH AS GENDER, AGE, RELIGION AND WEALTH
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NATIONAL LIVING WAGE
THE MINIMUM AMOUNT THAT A BUSINESS IS LEGALLY ALLOWED TO PAY ITS EMPLYEES
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BULK-GAINING PRODUCT
AN END PRODUCT THAT'S BIGGER THAN THE RAW MATERIALS USED TO MAKE IT, SUCH AS A BICYCLE
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BULK-REDUCING PRODUCT
A PRODUCT THAT IS SMALLER THAN THE RAW MATERIALS IT USES, SUCH AS PAPER
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CONVENIENCE GOOD
A PRODUCT THAT A CUSTOMER BUYS FREQUENTLY OR ROUTINELY
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SHOPPING GOOD
A PRODUCT THAT A CUSTOMER TAKES TIME TO CONSIDER BEFORE PURCHASING, BY LOOKING AT AND WEIGHING UP A NUMBER OF OPTIONS BEFORE CHOOSING ONE
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TOPOGRAPHY
THE PHYSICAL CHARACTERISTICS OF A LANDSCAPE, SUCH AS BEING FLAT OR HILLY
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INERTIA
A TENDENCY TO KEEP THINGS AS THEY ARE RATHER THAN CHANGE
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E-COMMERCE
USING THE INTERNET TO CARRY OUT BUSINESS TRANSACTIONS
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M-COMMERCE
USING MOBILE TECHNOLOGIES SUCH AS SMARTPHONES AND TABLETS TO CARRY OUT BUSINESS TRANSACTIONS
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MULTI-CHANNEL
USING A NUMBER OF METHODS TO REACH THE CUSTOMER, INCLUDING PHYSICAL STORES AND E-COMMERCE
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UNDERCUT
SELL THE SAME PRODUCT FOR A LOWER PRICE THAN COMPETITORS
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PRICE WAR
WHEN COMPETING BUSINESSES TRY TO UNDERCUT EACH OTHER BY LOWERING PRICES. THIS LEADS TO AN ONGOING BATTLE WHERE ONLY THE CUSTOMER BENEFITS, NOT THE BUSINESSES
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PRODUCT DIFFERENTIATION
DESIGNING A PRODUCT WITH SOME UNIQUE FEATURES THAT DISTINGUISH IT FROM SIMILAR PRIDUCTS SOLD BY COMPETITORS
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BRAND LOYALTY
A CUSTOMER'S WILLINGNESS TO BUY A PRODUCT FROM A PARTICULAR BUSINESS RATHER THAN FROM ITS COMPETITORS
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MARKET SHARE
THE PERCENTAGE OF THE TOTAL SALES OF A PRODUCT IN A MARKET THAT IS TAKEN BY ONE BUSINESS IN THAT MARKET
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RECESSION
A PERIOD OF ECONOMIC DECLINE CHARACTERISED BY THE FACT THAT THE ECONOMY HAS FAILED TO FROW FOR 6 CONSECUTIVE MONTHS
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PROMOTIONAL MIX
THE COMBINATION OF PROMOTIONAL ACTIVITIES THAT A BUSINESS USES TO MAKE CUSTOMERS AWARE OF A PRODUCT, WITH THE AIM OF INCREASING SALES
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BUSINESS PLAN
A DOCUMENT THAT OUTLINES HOW AN ENTREPRENEUR IS GOING TO SET UP A NEW BUSINESS
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SMART OBJECTIVES
OBJECTIVES THAT ARE sPECIFIC, mEASURABLE, aCHIEVABLE, rEALISTIC AND tIME-BOUND
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MARKET RESEARCH
THE PROCESS OF GATHERING INFORMATION ABOUT THE MARKET AND CUSTOMERS' NEEDS AND WANTS IN ORDER TO HELP INFORM BUSINESS DECISIONS, INCLUDING PRODUCT DESIGN AND MARKETING
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TARGET MARKET
THE GROUP OF PEOPLE THAT A BUSINESS HAS IDENTIFIED AS POTENTIAL CUSTOMERS
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REVENUE
THE MONEY THAT WILL COME INTO A BUSINESS FROM SALES
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PROFIT
THE AMOUNT OF REVENUE LEFT OVER ONCE COSTS HAVE BEEN DEDUCTED
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CASH FLOW
THE AMOUNT OF MONEY COMING IN AND GOING OUT OF THE BUSINESS AND THE TIMING OF ITS MOVEMENT
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BUDGETS
PRE-SET FINANCIAL TARGETS FOR A BUSINESS TO ACHIEVE, LIKE A SALES BUDGET, OR ABIDE BY, SUCH AS AN EXPENDITURE BUDGET, IN A GIVEN PERIOD OF TIME
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NEGATIVE CASH BALANCE
OCCURS IF THE BUSINESS' OPENING BALANCE RESULTS IN A NEGATIVE AMOUNT AT THE END OF THE PERIOD, LEADING TO A CASH SHORTAGE
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OVERDRAFT
A FACILITY PROVIDED BY A BANK ALLOWING A CURRENT ACCOUNT HOLDER TO WITHDRAW MORE MONEY THAN THERE IS IN THE ACCOUNT
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BANK LOAN
A FIXED SUM OF MONEY LENT BY THE BANK TO AN INDIVIDUAL OR A BUSINESS FOR A SPECIFIC PURPOSE, WHICH MUST BE REPAID WITH INTEREST IN SET PAYMENTS OVER AN AGREED PERIOD OF TIME
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Other cards in this set
Card 2
Front
PROPERT, SUCH AS A HOUSE OR CAR
Back
ASSETS
Card 3
Front
A BUSINESS THAT IS REGISTERED AS A COMPANY, SO THE BUSINESS AND THE OWNERS ARE SEPERATE IN THE EYES OF THE LAW
Back
Card 4
Front
THE LEVEL OF RISK GOES BEYOND THE AMOUNT INVESTED, SO THE PERSONAL ASSETS OF THE BUSINESS OWNER CAN BE USED TO PAY OFF THE BUSINESS' DEBTS
Back
Card 5
Front
A BUSINESS THAT IS NOT REGISTERED AS A COMPANY, SO THE OWNERS AND THE BUSINESS ARE THE SAME BODY IN THE EYES OF THE LAW
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