Business

Question 1

Stages of the business life cycle ?

Answer 1

Seed, start up, growth, maturity, post maturity.

Question 2

Seed stage ?

Answer 2

Beginning of the cycle, where the business is just an idea.

Question 3

Start up stage ?

Answer 3

The idea has been developed into products or a service.

Question 4

Growth stage ?

Answer 4

Movement of the business into an established or expansion state.

Question 5

Maturity stage ?

Answer 5

Business is at the top of its industry.

Question 6

Post maturity stage ?

Answer 6

Business may be in a steady state, in decline or in renewal.

Question 7

Challenges faced in the seed stage ?

Answer 7

Time, energy and money required to develop the idea into a business.

Question 8

Challenges faced in the start up stage ?

Answer 8

Trying to establish a customer base and presences with their industry.

Question 9

Challenges faced in the growth stage ?

Answer 9

Over extending resources in the business in order to expand.

Question 10

Challenges faced in the maturity stage ?

Answer 10

Environmental factors, and changes in society and market conditions.

Question 11

Challenges faced in the post maturity stage ?

Answer 11

Changing management to present a number of Human Resources and operational challenges.

Question 12

Strategies for the seed stage ?

Answer 12

Completing a business plan that includes a clear vision; goal and objectives.

Question 13

Strategies for the start up stage ?

Answer 13

Ensuring stakeholder engagement with suppliers, sources of support and advice.

Question 14

Strategies for the growth stage ?

Answer 14

Clearly establishing business processes and expectations ensuring all teams are working toward the same goals and objectives.

Question 15

Strategies for the maturity stage ?

Answer 15

Consider outsourcing or adjusting supplier chains during this stage to reduce operational costs.

Question 16

Strategies for the post maturity stage ?

Answer 16

Invest in research development or adapt strategies to secure injections of revenue, such as operational costs.

Question 17

SWOT ?

Answer 17

Strength, weaknesses, opportunities and threats.

Question 18

Types of businesses ?

Answer 18

Profit based, not for profit, government owned corporation and government enterprise.

Question 19

Types of ownership structures ?

Answer 19

Sole trader, partnership, private, and public.

Question 20

Types of environmental factors ?

Answer 20

Internal, external operating and external environment macro.

Question 21

Internal environment factors ?

Answer 21

Owner/s and management, organisational culture, employees and organisational structure.

Question 22

External operating environmental factors ?

Answer 22

Customers, interest groups, suppliers and competitors.

Question 23

External environment macro factors ?

Answer 23

Ethical, socio-cultural, technological, legal, economic, political and environmental.

Question 24

Difference between a business vision and mission statement ?

Answer 24

A vision is what the business wants to achieve, however a mission statement is how the business is going to achieve it after all.