6621973
Description
Mind Map by Aoife kilcommons, updated more than 1 year ago
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Created by Aoife kilcommons
about 8 years ago
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business studies: unit 1
- Enterprise
- An enterprise is the formation of a
new business or development of a
new product or service that will be
introduced into the market
- An enterprise is the formation of a
new business or development of a
new product or service that will be
introduced into the market
- What is an entrepreneur
- An entrepreneur is someone who is willing
to take the risk in setting up a new business
- they can be anyone eg.
male,female,young,old
- Examples of some: Levi Roots,Steve
jobs,Oprah winfrey,JK.Rowling
- Examples of some: Levi Roots,Steve
jobs,Oprah winfrey,JK.Rowling
- There are certain skills that they
will need to have eg. creative,hard
working,confident,persuasive,good
business
skills
- An entrepreneur is someone who is willing
to take the risk in setting up a new business
- Why do businesses exist?
- To produce goods,provide a service,help
others,meet the needs of society
- sources of business ideas?
- Personal
experience,business
experience,market
research,brain storming
- Personal
experience,business
experience,market
research,brain storming
- To produce goods,provide a service,help
others,meet the needs of society
- Market gap
- A market gap is an unmet consumer need. Gaps in the market
represent opportunities for companies to expand their
customer base.
- What is a niche?
- A niche is a gap in the market
- A niche is a gap in the market
- A market gap is an unmet consumer need. Gaps in the market
represent opportunities for companies to expand their
customer base.
- What is market research
- Finding out what the customer wants
- What already exists and how it can be improved
- Finding out what the customer wants
- What is a business?
- A business is an organisation that is set up to provide goods or
services to customers eg: the public,goverment or other businesses
- A business is an organisation that is set up to provide goods or
services to customers eg: the public,goverment or other businesses
- Why start a business?
- Reasons why some may want to start up thier own business:
To persue an intrest or hobby, to escape a boring job,to
provide a service, to be thier own boss
- Reasons why some may want to start up thier own business:
To persue an intrest or hobby, to escape a boring job,to
provide a service, to be thier own boss
- sectors
- primary
- the primary sector
produces raw materials
- the primary sector
produces raw materials
- secondary
- the secondary sector manufactors goods
- the secondary sector manufactors goods
- Tertiary
- The tertiary sections provides
services such as selling goods
- The tertiary sections provides
services such as selling goods
- primary
- Business ownership structures
- partnerships
- partnerships are
not that common
- advantages/disadvantages
- Less work, more money to put into the
business,more ideas and unlimited liability.
however the disadvantages are more
disagreements and less profit
- Less work, more money to put into the
business,more ideas and unlimited liability.
however the disadvantages are more
disagreements and less profit
- advantages/disadvantages
- partnerships are
not that common
- Sole trader
- Most small businesses
are sole traders
- advantages/disadvantages
- There is only one owner unlimited liability, would have
to work long hours and may have to sell personal
belongings to pay debts
- There is only one owner unlimited liability, would have
to work long hours and may have to sell personal
belongings to pay debts
- advantages/disadvantages
- Most small businesses
are sole traders
- partnerships
- Aims and objectives
- Year 1: To survive
- Year 2: Make profit
- Year 3: Expand the business
- Year 1: To survive
- Franchises
- A franchise is when one business (the franchisor) gives another person or business
(the franchisee) the right to trade using its name and to sell its products or provide
its services
- The franchisee normally pays a
licence fee and a percentage of
profit to the franchisor
- Advantages
- Less chance of failure as the business is well
known ,help and support,big amounts of profit,
lots of customers.
- Less chance of failure as the business is well
known ,help and support,big amounts of profit,
lots of customers.
- Disadvantages
- You have to pay licence fees,its not your own business,training fees,you will have to give a percentage
of your profits to the franchisor also there are certain rules you have to follow that the franchisor sets.
- You have to pay licence fees,its not your own business,training fees,you will have to give a percentage
of your profits to the franchisor also there are certain rules you have to follow that the franchisor sets.
- Advantages
- Examples of franchises are new
look,primark,mcdonalds,kfc and many more well
know brands and shops
- The franchisee normally pays a
licence fee and a percentage of
profit to the franchisor
- A franchise is when one business (the franchisor) gives another person or business
(the franchisee) the right to trade using its name and to sell its products or provide
its services
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