Unit 1.1

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What is Business?
Organising resources to achieve a reward.
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What is a gap in the market?
A business opportunity that is either a completely new idea or adds something different to an existing product or service
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What is an Entrepreneur and a Serial Entrepreneur?
- Someone with an idea for business, - someone who owns a series of businesses and has many ideas for business.
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Whatis a Niche market?
A small group of consumers that share a similar need. (e.g. the elderly, left handed people)
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What is Differentiation?
Making a business stand out from rivals in some way.
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What is a franchise?
The legal right to use the name, logo and products of an existing business.
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What is a Partnership?
A business run by 2-20 partners.
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What is a Sole Trader?
A business that is owned by just one person.
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What is Unlimited liability?
When the owners of a business are personally liable for its debts.
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What is a Private Limited Company (Ltd)?
A business owned by shareholders who have lmted liability (not personally liable for its debts)?
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What is Limited Liability?
When the shareholders can only lose the money they've invested in the business. Their personal wealth is protected.
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What is Incorporation?
The legal process of forming a limited company.
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What is a Business Objective?
A target for the business to achieve by a set date.
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What is Market Share?
The percentage of total sales made by a business. (e.g. Nissan sell 18% of all cars sold in the UK each year)
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What is a Stakeholder?
A group of people affrected by the actions of a business.
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What is a Social Enterprise?
A business that is run to help society.
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what is a Business Plan?
A document outlining how an entrepreneur plans to achieve their objective.
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What is Logistics?
The process of assembling all the raw materials a business needs and delivering products to customers.
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What is a Market?
A place where buyers and sellers come together to exchange goods or services for money.
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What is Mail Order?
When goods are bought through catalogues or online and delivered directly to the customer.
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Other cards in this set

Card 2

Front

What is a gap in the market?

Back

A business opportunity that is either a completely new idea or adds something different to an existing product or service

Card 3

Front

What is an Entrepreneur and a Serial Entrepreneur?

Back

Preview of the front of card 3

Card 4

Front

Whatis a Niche market?

Back

Preview of the front of card 4

Card 5

Front

What is Differentiation?

Back

Preview of the front of card 5
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