Define Flashcards
Internal environment factors
Factors that directly influence the approach and success of operations inside a business. Owners, mangers, employees and organisational structures
External environment factors
Consists of stakeholders that are outside of the businesses interbank structure like customers, competitors, suppliers and interest groups
Profit based
Provides a service with an aim of making profit
Non-for profit
An Organisation that doesn’t provide profit or benefit for the person or people operating the business
Sole trader
Is a business owned and operated by one person and it’s usually a small scale business
Partnership
Business structure that involves a number of people who operate a business together
Private company
Separate legal entity structure like a small to medium family own business. Shareholders are usually family members, friends or colleagues and have a max of 50 owners.
Public company
Is a large business that is publicly listed on the ASX. Minimum of five shareholders: no upper limit. Ownership is not restricted and open to public.
National business
Involves those economic transactions that take place within the geographical boundaries of a country
International business
Involves those economic transactions that take place outside of countries boundaries
Mission statement
States the purpose of the business by defining the businesses, culture, values, and ethics
Vision statement
Presented as a written picture of a business in terms of physical appearance, size and activities, while considering its future products, markets, etc
Business goal
Is a clear direction and provides a means to measure the success of a business
Business objective
Is the target for the business to achieve over a certain period of time
Business strategy
Is a organisational plan, which the management of the company develops and implements to achieve their strategic goals
