B1 Flashcards
3 objectives of a entrereneurs
Make onw decisions
Keep all profits
Better hours for themselves
Capital
The equipment used to provide the goods/services
Opportunity cost
What you sacrifice when making any decision
Primary sector
First stage of production
Farms, oil companies
Secondary sector
Converting raw materials into goods.
Tertiary sector
Selling or providing services
Why is location important?
Costs-amount of rent ect.
sales
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Factors that influence a businesses location
Know where customers/competitors are. transport links(costs and carbon footprint)
Advantages of locating overseas
Some raw materials
Cheapee labour
Oversea market may be growing fast
Business plan content?
What the business wants to achieve and how its going to do so.
How to measure growth/progress?
Amount of stores
Diversification
More revenue
Bigger market share
Benefits of business plan (3)
Anticipates problems, therefore easier to deal with later.
Raise finance for investors
Having targets set can motivate.
What to include (3)
Background checks on employees ect.
Market & competitor analysis
Objectives and how to achieve
Problems with business?
Uncertainty
Lack of experience
External changes
