U1AOS3 Flashcards
(24 cards)
Define “Sole Trader”
A sole trader is a business model that is owned and operated by an individual.
Define “Partnership”
A partnership is a business structure that is owned by 2 to 20 people.
Define “Private Limited Company”
A private limited company is an incorporated business structure that has at least one director and a maximum of 50 shareholders.
Define “Public Listed Company”
A public listed company is an incorporated business structure that has an unlimited number of shareholders
Define “Online Business”
An Online Business is a business model that trades its goods and services via the internet.
Define “Bricks and Mortars”
Bricks and Mortar is a business that has a physical store presence.
Define “Social Enterprise”
A social enterprise is a business model that aims to fulfil a community or environmental need by selling goods or services.
Define “Franchise”
A franchise is a business model that grants another person the right to operate under their name, use its business system, and sell its good and services.
Define “Importer”
An Importer purchases goods and services from overseas and sells them in their home country.
Define “Exporter”
An Exporter produces goods and services in their home country and sells them to overseas buyers.
Define “Business Location”
Business Location is the physical or non-physical place that a business operates from.
Shopping Strips, etc
Define “Natural Resources”
Natural Resources are items from the organic environment that are used in the production of goods and services.
Define “Labour Resources”
Labour Resources are the people who provide the business with their skills and qualifications to conduct business activities.
Define “Capital Resources”
Capital Resources are man-made goods used in the production of goods and services.
Define “Equity Capital”
Equity Capital is money contributed to a business by an investor in exchange for partial ownership.
Define “Debt Capital”
Debt Capital is money that has been lent to a business by an external source.
Define “Grant”
A grant is money given by a government or another organisation for a particular reason.
Define “Overdraft Facilities”
Overdraft Facilities are agreements between banks and businesses that allow a bank account to be withdrawn below zero
What is “Purchasing an existing business”?
Purchasing an existing business involves buying a business that is already set up and operating.
What is “Establishing a new business”?
Establishing a new business is often the best choice for individuals with innovative business ideas that are not yet present in a market.
Define “Business Support Services”
Business support services are the specialised people, facilities or amenities that aim to help businesses successfully operate.
Business Support Services
Legal Financial Technological Community-based Informal networks Formal networks Business Mentors
Corporate social responsibility for planning
Businesses should plan to implement initiatives that display corporate social responsibility in order to remain competitive in the market.
