Business Unit 1 - Starting A Business

Frage	Antworten
Business	An activity that requires the organisation of resources to achieve a reward, whilst running a risk.
Entrepenuer	An individual with an idea for a business.
Social Enterprise	An Activity that achieves a reward for society.
Gap In The Market	A business opportunity that is either a completely new idea or adds something different to an existing product or service.
Franchise	The Legal right to use the name and logo of an existing firm and sell the same products.
Business Aim	A stated target for the future.
Business Objective	A clearly defined target for a business to achieve over a certain period of time.
Growth	An increase in turnover (sales), market share or profit.
Profit	What is left after costs have been deducted from the sales revenue. Profit: Sales Revenue-Costs
Profit Margin	Profit made in proportion to sales revenue.
Sales	Amount sold or value sold.
Market Share	The proportion of total market sales sold by one business.
Customer Satisfaction	How happy the customer is with the product or service.
Ethics	The moral questions on which decisions are made and the impact the business has on its internal and external environment.
Turnover	The value of sales made during a trading period, also called revenue.
Stakeholder	An individual or group with an interest in a business.
Business Plan	A statement showing how a business sets out to achieve its aims and objectives.
Funding	The capital (money) provided for the various stages of business growth by different sources of finance, either on a short or long term basis.
Forecast	A technique where the business attempts to estimate future sales, or other financial variables.
Risk	The potential for loss but rewards in business make it a calculated gamble.
Uncertainty	Not knowing the future, or what is going to happen.
Sole Trader	The most common form of business organisation, often just one person.
Partnership	The simplest way two or more people can be in business together where partners are jointly and personally responsible for debts.
Unlimited Liability	Unincorporated businesses, such as sole traders and partnerships have unlimited liability which means that owners are responsible for all debts.
Incorporation	The process of forming a limited liability company such as a private limited company or plc.
Incorporation	The process of forming a limited liability company such as a private limited company or plc.
Limited Liability	Investors (shareholders) in a limited company can only lose their investment in the business if it fails; they cannot be forced to sell assets to pay off the firm's debts.
Technology	In relation to business location, this refers to the use of e-technology, such as the internet and e-mail, to create a virtual market between the business and the consumers.
Logistics	The process of buying, managing and delivering goods from the point of manufacturing to the end consumer.
Market	Where the buyer and seller 'come together' to exchange the goods or services for money. Today this may not actually face to face meeting, but could be carried out over the internet or other telecommunication method.
Mail Order	Direct marketing through mail shots leading to goods being delivered directly to customer.

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Business Unit 1 - Starting A Business

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