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unit 1/2 business management > unit 1 outcome 3 > Flashcards

unit 1 outcome 3 Flashcards

1
Q

what are the three business resources?

A

natural resources, capital resources, and labour resources

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2
Q

what are natural resources?

A

items the business uses that come from the natural environment, e.g. land, water, steel or other raw materials

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3
Q

what are capital resources?

A

tools and machinery used by the business to produce the good / service. these resources help labour / employees to be more efficient, e.g. a fridge or a drill

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4
Q

what are labour resources?

A

human resources (employees), people that provide their skill, effort and knowledge to the business.

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5
Q

name the types of business location

A

shopping centres, online stores, home based businesses, and retail shopping strips

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6
Q

what are some advantages and disadvantages of having a business in a shopping centre?

A

ADVANTAGES:

  • lots of people walking past
  • people are there with the intention of spending money
  • there is no weather impact

DISADVANTAGES:

  • you may have to travel far
  • you have to pay rent
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7
Q

what are some advantages and disadvantages of having a business online?

A

ADVANTAGES:
- easy public access (people dont have to travel)
you dont have to pay rent

DISADVANTAGES:

  • no one walking past
  • harder to spread awareness / public knowledge
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8
Q

what are some advantages and disadvantages of having a business at home?

A

ADVANTAGES:

  • you don’t need to travel to the business
  • you don’t have to pay rent

DISADVANTAGES:

  • not visible to the public
  • harder to access in terms of parking etc.
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9
Q

what are some advantages and disadvantages of having a business in a retail shopping strip?

A

ADVANTAGES:

  • lots of people walking past
  • more ‘unique’ stores / not much competition

DISADVANTAGES:

  • you have to travel to the business
  • you have to pay rent
  • the weather can affect shoppers (rain etc.)
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10
Q

what are advantages and disadvantages of buying an existing business?

A

ADVANTAGES:

  • already existing customers
  • good business history increases the likelihood of success
  • a proven track record makes it easier to obtain finance
  • stock and providers are already acquired
  • the seller may provide training or advice
  • equipment is provided
  • employees have experience

DISADVANTAGES

  • the existing business image or policies may be hard to change
  • the success of the business may have been because of the pervious owner
  • some employees may not like any changes
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11
Q

what are advantages and disadvantages of starting a new business?

A

ADVANTAGES:

  • the owner can set up the business however they wish
  • the owner can establish pace and changes
  • it is possible to begin on a small scale if funds are limited

DISADVANTAGES:

  • risk and difficulty obtaining finance
  • customer bases, employing staff, and finding providers and suppliers will take time
  • if the startup is slow, a profit may take a while to come
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12
Q

what are the different types of business models?

A
  • online
  • bricks and mortar
  • import and export
  • franchise
  • social enterprise
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13
Q

describe an online business model

A

the business is mainly on the internet (e.g. google, ebay, amazon etc.)

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14
Q

describe a bricks and mortar business model

A

traditional businesses with a physical location (local milk bar etc.)

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15
Q

describe an import and export business model

A

a business that deals with international trade of goods (e.g. australia exporting live meat to china)

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16
Q

describe a franchise business model

A

a business that is licensed to operate under the business model of an existing business (e.g. subway, mc donalds)

17
Q

describe a social enterprise business model

A

a business that aims to improve the wellbeing of other / the community

18
Q

what should you consider when choosing a business model?

A
  • what is the main goal of the business?
  • what goods or services will be offered?
  • how will the business sell these goods of services?
  • who are the target customers?
  • what types of costs will the business expect to incur?
  • will a new business be started or will a franchise be purchased?
19
Q

what is market research?

A

collecting and analysing data and information to assist the business in it’s understanding or potentials customers and competitors

20
Q

what is a business plan?

A

a written statement of the goals and objectives for the business and the steps taken to achieve them

21
Q

what is a SWOT analysis and what does it stand for?

A

a situational analysis looking at where the business currently stands.

Strengths (what is the business good at e.g. skilled workers, quality products)
Weaknesses (where does the business need to improve e.g. unreliable suppliers, any problems)
Opportunities (how can the business improve and grow e.g. creating new products, producing overseas)
Threats (what could harm the business e.g. competitors, weak economy)

22
Q

what are the types of business support services?

A

legal, financial, technological, community based, formal and informal networks, and business mentors

23
Q

who provides legal support advice?

A

a solicitor (business formation, registrations, contracts and legislations, and partnership agreements)

24
Q

who provides financial support advice?

A

an accountant (financial management issues, taxation obligations, recording financial events)

25
Q

who provides technological support advice?

A

a dealer or an ICT consultant (advice in backup support, advice on establishing an online presence like social media or a website)

26
Q

who provides community based support advice?

A

services or clubs (provides an opportunity to engage in community service / meet local business people e.g. lions club, apex, rotary)

27
Q

who provides formal and informal network support advice?

A

private professional organisations, and federal, local and state governments (legal and financial help, training days, explanations to questions, assistance with land and development application)

28
Q

who provides business mentor support advice?

A

a business mentor (provides experience and knowledge)

29
Q

what is a socially responsible business?

A

they can consider how it can further improve the welfare of it’s stakeholders, including it’s employees, the community and the environment

30
Q

how do socially responsible businesses benefit?

A
  • they attract customers who avoid unethical businesses

- the staff morals will improve, increasing productivity

31
Q

how can businesses be socially responsible?

A
  • offering their workers fair pay
  • ensuring safe and healthy working conditions
  • employing disadvantaged groups
  • implementing socially responsible policies for staff
32
Q

what are some factors to consider when choosing a location for a business?

A
  • proximity to customers
  • street presence / visibility
  • complementary businesses (being near to a business of the same genre e.g. shoe shop next to clothes shop)
  • cost of rent
  • proximity to competitors
  • proximity to suppliers
33
Q

what is equity?

A

the funds contributed by the owner of a business to commence and build the business

unit 1/2 business management (4 decks)

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