Buisness activity Unit 1

Question 1

what is a business?

Answer 1

provides goods or services

Question 2

what’s a entrepreneur?

Answer 2

successful business people

Question 3

what are 4 characteristics of a entrepreneur?

Answer 3

creativity
risk taking
determination
confidence

Question 4

what is a average entrepreneurs back round?

Answer 4

they normally start from poorer backgrounds

Question 5

what is 4 risks of starting a new business?

Answer 5

failure
losing money
working very long hours
causes owner stress

Question 6

what are 3 rewards of starting a business

Answer 6

financial rewards
independence
pride

Question 7

what the business wants to achieve in the first year? what’s that called

Answer 7

aims& objectives

Question 8

What is Market research

Answer 8

What research has been done
The outcomes of it

Question 9

What is a sole trader?

Answer 9

Owned by one person

Question 10

What’s 3 positives of being a sole trader

Answer 10

make all their own decisions
chose what they want to do with profits

Question 11

What’s 2 downsides of being a soltrader

Answer 11

struggle to take time of

hate unlimited liability

Question 12

What’s a partnership?

Answer 12

two or more people own the business

Question 13

What’s a downside of being in a partnership

Answer 13

falling out with the other owners
have unlimited liability

Question 14

What is a limited company

Answer 14

shares aren’t available to the public

Question 15

What’s a positive of a limited company

Answer 15

Owners have limited liability

Question 16

What’s a downside of having a limited companies

Answer 16

decisions take long as there’s more ppl who need consulting

Question 17

What is Unlimted liability

Answer 17

if the business has debt the owners are responsible of paying the debt

Question 18

What is Aims?

Answer 18

what the business what’s to achieve within 1-5 years

Question 19

What is a objective

Answer 19

smaller targets that will help a business to achieve their aims

Question 20

2 things a new business aims will be

Answer 20

survival
break even
recognition

Question 21

2 things a large business aims will be

Answer 21

Profit
Growth
Market share

Question 22

What is market share?

Answer 22

Increased sales compared to rivals

Question 23

What are stakeholders?

Answer 23

people who have an interest in a particular buisneds

Question 24

What’s a internal stake holder?

Answer 24

directly involved with the business
(employees)

Question 25

what is a external stakeholder?

Answer 25

interested in the business but not part of it
(customers)

Question 26

What are 2 things a owner would want out of their business

Answer 26

Profit
survival
buisness growth

Question 27

What are 2 things Employees would want in the business

Answer 27

Fair wages
treated well
feel valued

Question 28

What are 2 things Customers would want from the business

Answer 28

Value for money
good quality products
good service

Question 29

What are 2 things a supplier would want from the buisness

Answer 29

Repeat orders
fair deals

Question 30

What are 2 things the Government want from the business

Answer 30

Tax payments
job opportunities

Question 31

What is organic growth?

Answer 31

they are selling more products

Question 32

What’s External growth?

Answer 32

when they join together with another business

Question 33

What is horizontal takeover

Answer 33

Buy another business that’s selling similar products

Question 34

What’s vertical takeover

Answer 34

Buy a business that supplies or benefits the current business