1.1 into do business

Question 1

stakeholders

Answer 1

any individual or group affected by an organisation

Question 2

entrepreneurs

Answer 2

a person who organises human, physical and financial resources to start a business

Question 3

input of a business

Answer 3

resources needed to create a product
can be physical, financial, human

Question 4

physical resources

Answer 4

the raw materials and semi-finished goods that a business needs to begin production

Question 5

financial resources

Answer 5

the funds needed to set up and invest a business and keep it running. - can be short term, medium term and long term

Question 6

long-term financing

Answer 6

involves large sums of money borrowed for a long time. may be used to build a factory or office

Question 7

short term financing

Answer 7

smaller amounts of money that is used to pay for inputs that will be turned into products sold- like products in stock

Question 8

human resources

Answer 8

people needed to run the business- managers and employees + enterprise

Question 9

enterprise

Answer 9

process of taking risks to combine the other resources to create goods or services

Question 10

4 main processes

Answer 10

human resources management
finance and accounts
marketing
operations

Question 11

HR

Answer 11

manages employees, ethics,

Question 12

finance and accounts

Answer 12

ensure that the business has enough money to carry out its activities

Question 13

marketing

Answer 13

selling the right product at the right price, to the right customers, at the right time

Question 14

operations

Answer 14

refers to how activity is carried out. operations must plan how and in what quantity goods and services are to be produced

Question 15

types of outputs

Answer 15

goods- tangible, physical
services- intangible, cannot be touched

Question 16

feedback

Answer 16

feedback is important to tell the business how they must improve. both with critiques and reinforcing people to go in the same direction

Question 17

revenue

Answer 17

income that the business gets

Question 18

profit

Answer 18

revenue - expenses

Question 19

doughnut economics model

Answer 19

outlines the social foundation ( human needs) and ecological ceiling (planetary boundries) that economic activity needs to respect to find the safe space for hummanity. it is necessary to protect our earth while also meeting human needs

Question 20

ecological ceiling

Answer 20

human disturb the earths system when getting their resources

Question 21

social foundation

Answer 21

what humans need, like housing and networks, social equity. - not being met

Question 22

sustainability

Answer 22

meeting the needs of all within the means of the planet

Question 23

economy

Answer 23

a system for producing and distributing goods and services among a group of people. Businesses are part of that system.

Question 24

4 main sectors of economy

Answer 24

primary secondary, tertiary, quaternary

Question 25

primary sector

Answer 25

extraction and production of raw materials from earth

Question 26

secondary sector

Answer 26

manufacturing and processing, where raw materials are made into products for sale

Question 27

tertiary sector

Answer 27

any business that sells services like healthcare, transportation

Question 28

quaternary sector

Answer 28

part of tertiary sector , The area of economic activity involved with knowledge and the movement of information.

Question 29

supply chain

Answer 29

steps involved in creating products

Question 30

integrated businesses

Answer 30

businesses that involve 2 or more sectors

Question 31

work of enterpreneurs

Answer 31

understanding communities and their problems
desighning and planning solutions
taking and sharing and growing actions and ideas to increase impact

Question 32

intrapreneur

Answer 32

A person who develops new ideas, processes or products for a business in which they already work.

Question 33

reasons for starting a new business

Answer 33

• new business idea for a new product
• passion to make a change
• market need
• earning a living
• get greater financial reward
• control over their own work
• work life balance- freedom

Question 34

challenges of starting a new business

Answer 34

• lack of funds, underestimade necessary to sustain operations
• strong competition
• market too small- market orientation
• unskilled employees or lack of collaboration
• poor managing skills
  -economic, enviormental or political schocks

Question 35

steps to start a new business

Answer 35

• refine the idea
• prepare a business plan
• decide a legal structure (partership, corporation)
• register the business
• find a location
• hire employees
• get funding or loans

Question 36

SWOT

Answer 36

simple tool for a business to analyse its internal strength and weaknesses, and external opportunities and threats

Question 37

internal factors

Answer 37

strength and weaknesses

Question 38

external factors

Answer 38

opportunities and threats’
factors outside organizations control

Question 39

STEEPLE framework

Answer 39

provides a useful way to remember the external factors that can effect a business
Sociocultural
Technological
Economic
Enviormental
Political
Legal
Ethical

Question 40

business plan

Answer 40

document that plans a range of formal and informar purposes of the business. usually provide a story for the audience and evidence to win over audience
how and what why

Question 41

primary research

Answer 41

Research (in a market) that involves creating new information that is gathered through surveys, interviews, observations, focus groups, camera studies or other methods.

Question 42

secondary research

Answer 42

Research that involves using evidence (about a market) gathered by others.

Question 43

quantiative data

Answer 43

information that ccan be counted and has a numerical value

Question 44

qualitative data

Answer 44

non-numerical data that describes qualities or characteristics