Unit 1-Business Studies

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What is a Business?
Organising resources to acheive a reward.
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What is as Entrepreneur?
Someone with an idea for a business.
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What is a Serial Entrepreneur?
Someone with more than 1 idea for a business.
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What is Differentiation?
Making a business stand out from rivals in some way.
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What is a Niche Market?
A small group of consumers that share a similar need. (eg.Left-Handed people)
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What is a Franchise?
The legal right to use the name, logo and product of an existing business/
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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 Liabilty?
When the owber of a business is personally liable for its debts.
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What is a Partnership?
A business run by 2-20 people.
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What is a Private Limited Company(Ltd)?
A business owned by shareholders who have limited liability.
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What is Limited Liabililty?
When the sharholders can only lose what they have invested into the business.
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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 acheive by a set date.
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What is Market Share?
The percentage of total sales in a market, made by a busines.
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What is a Stakeholder?
Groups of people affected by the action 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 scheive their objectives.
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What is Logistcs?
The process of assembling all the raw materials the 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 brought through catalogues or online and delivered to the customer.
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Other cards in this set

Card 2

Front

Someone with an idea for a business.

Back

What is as Entrepreneur?

Card 3

Front

Someone with more than 1 idea for a business.

Back

Preview of the back of card 3

Card 4

Front

Making a business stand out from rivals in some way.

Back

Preview of the back of card 4

Card 5

Front

A small group of consumers that share a similar need. (eg.Left-Handed people)

Back

Preview of the back of card 5
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