1.1 and 1.2 business Flashcards
What’s the purpose of planning business activity
reducing risk
helping a business to succeed .
What’s the role of a business plan?
Identifying markets
Helping with obtaining finance
Help achieve aims and objectives
Identify resources needed
What should a business plan contain?
The business idea
List of people running the business
Market research
Finance
Competitors
The target market
Objective of the business
What are some potential rewards for risk taking ?
Finance
independence
Self- Satisfaction
changing customer habits
What are some potential draw-backs for risk taking?
Finance
Strained relationships
Health
What is a business plan?
it details how a business will aim to achieve an aim or objective , its usually written by the owner , before the business begins or when there is a major change in the business . It reduces risk and helps a business to succeed .
Define Operate
how a business works
What is a market
where a business sells goods or services
What are resources
things needed for a business to work
What is success in a business
It can vary for different businesses for example , profit , surviving or providing a good service to customers .
What is finance
A business word for money , the finance to start a business is the money needed.
Why do businesses exist
Make profit
Provide goods / services
Satisfy the needs of customers
produce a rival product.
What are some characteristics of an entrepreneur?
Risk taking
Creativity
determination
confidence
What is enterprise ?
its seeing an opportunity to provide a product/ service that people are willing to buy.
What’s an entrepreneur ?
A person who takes the risk in starting and running a business enterprise
