Homework Flashcards
What is an objective
Results you aim for to help long term business goals
What is an aim
An overall target to grow the busniess
What is business growth
The business getting bigger/expanding
What are examples of an aim?
To make £120000 in a month
To make 36000 sales
To hire 5 new employees
What is internal/organic growth
occurs when a business decides to expand its own activities by launching new products and/or entering new markets
What is external growth
focuses on the areas you don’t have direct control over, including capturing new customers
What is backwards vertical growth
when the business takes over a company at an earlier stage in the production process
What is forwards vertical growth
when a business takes over a company at a later stage in the production process
What is diservication
a risk-reduction strategy that involves adding product, services, location, customers and markets to your business’s portfolio
What is horizontal growth
business strategy. It involves expanding your products or services into new markets
What is a business plan
A structure to help start the business get going
What is capital
money used to build, run, or grow a business
What is a dividend
a payment a company can make to shareholders if it has made a profit
What is an entrepreneur
person who sets up a business or businesses, taking on financial risks in the hope of profit.
What are characteristics of an entrepreneur
Risk taking
Creative
Confidence
Determination
