Unit 1.1 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: EmilyDysonCreated on: 18-01-15 21:26 What is Business? Organising resources to achieve a reward. 1 of 20 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 2 of 20 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. 3 of 20 Whatis a Niche market? A small group of consumers that share a similar need. (e.g. the elderly, left handed people) 4 of 20 What is Differentiation? Making a business stand out from rivals in some way. 5 of 20 What is a franchise? The legal right to use the name, logo and products of an existing business. 6 of 20 What is a Partnership? A business run by 2-20 partners. 7 of 20 What is a Sole Trader? A business that is owned by just one person. 8 of 20 What is Unlimited liability? When the owners of a business are personally liable for its debts. 9 of 20 What is a Private Limited Company (Ltd)? A business owned by shareholders who have lmted liability (not personally liable for its debts)? 10 of 20 What is Limited Liability? When the shareholders can only lose the money they've invested in the business. Their personal wealth is protected. 11 of 20 What is Incorporation? The legal process of forming a limited company. 12 of 20 What is a Business Objective? A target for the business to achieve by a set date. 13 of 20 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) 14 of 20 What is a Stakeholder? A group of people affrected by the actions of a business. 15 of 20 What is a Social Enterprise? A business that is run to help society. 16 of 20 what is a Business Plan? A document outlining how an entrepreneur plans to achieve their objective. 17 of 20 What is Logistics? The process of assembling all the raw materials a business needs and delivering products to customers. 18 of 20 What is a Market? A place where buyers and sellers come together to exchange goods or services for money. 19 of 20 What is Mail Order? When goods are bought through catalogues or online and delivered directly to the customer. 20 of 20
Comments
No comments have yet been made