Unit 1-Business Studies 0.0 / 5 ? Applied BusinessStarting a BusinessGCSEAQA Created by: abi_biggs7Created on: 27-03-15 14:16 What is a Business? Organising resources to acheive a reward. 1 of 20 What is as Entrepreneur? Someone with an idea for a business. 2 of 20 What is a Serial Entrepreneur? Someone with more than 1 idea for a business. 3 of 20 What is Differentiation? Making a business stand out from rivals in some way. 4 of 20 What is a Niche Market? A small group of consumers that share a similar need. (eg.Left-Handed people) 5 of 20 What is a Franchise? The legal right to use the name, logo and product of an existing business/ 6 of 20 What is a Sole Trader? A business that is owned by just one person. 7 of 20 What is Unlimited Liabilty? When the owber of a business is personally liable for its debts. 8 of 20 What is a Partnership? A business run by 2-20 people. 9 of 20 What is a Private Limited Company(Ltd)? A business owned by shareholders who have limited liability. 10 of 20 What is Limited Liabililty? When the sharholders can only lose what they have invested into the business. 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 acheive by a set date. 13 of 20 What is Market Share? The percentage of total sales in a market, made by a busines. 14 of 20 What is a Stakeholder? Groups of people affected by the action 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 scheive their objectives. 17 of 20 What is Logistcs? The process of assembling all the raw materials the 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 brought through catalogues or online and delivered to the customer. 20 of 20
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