Business Activity Flashcards
(23 cards)
What are enrepeneurs?
Somebody who has a good idea and is not afraid to try the idea even tho it could be risky
What is the reward of an entrepeneur?
Profit
What is the purpose of business activity and enterprise?
opportunitys
develop an idea
satisfy their customers needs and wants
4 qualities of an entrepeneur are…
creativity
risk taking
determination
confidence
examples of risks are?
liable for debt
unexpected costs
might have to start over
damaged confidence
failure
Example of rewards are?
making profit
satisfaction
expanding
open new location
awards
what are customer needs?
things people need to survive like bread and water
what are customer wants?
products people would like to have but we could do without like games
what are goods?
an object a customer can have
what is a service?
This is where a business does something like washing windows or cutting grass
What is a business plan?
a business plan is a plan of how the business is going to work
what are the main parts of a business plan?
introduction
bussiness plan
products
resources
opperation plan
Name some bussiness aims
profits
reduce costs
increase sales
increase market share
survival
What does SMART stand for?
specific
measurable
achievable
realistic
times
What are main business aims?
profit
survival
growth
market share
What are the 4 types of business?
sole trader
partnership
private limited company
public limited company
What is a shareholder?
company owners
What is bankrupt?
where the business cant pay their debt
pther types of organisations
charities
what is the chain of production order
primary
secondary
tertiary
Name internal stakeholders
employees
managers
name external stakeholders
suppliers
owners
banks
customers
WHat is meger?
where 2 companys come together
