business ownership

Question 1

5 ways how a business starts?

Answer 1

decide product
decide best place
decide business plan
carry out market research
advertise product

Question 2

5 reasons why a business starts?

Answer 2

want to be their own boss:to make own decisions having independence and flexibility
profits: want to make money and get to keep profits themselves improving there standard of living
job:need job so starting a business provides this
satisfaction: enjoy it and love the buzz of achieving
hobby: has a good idea for a product from a personal interest or hobby making it enjoyable

Question 3

5 businesses in the private sector?

Answer 3

sole traders
partnership
public limited company (plc)
private limited company(ltd)
franchises

Question 4

a micro business

Answer 4

staff: 1-9
turnover:less than £1.7 million
possible ownership; sole trader partnership and a ltd

Question 5

a small business

Answer 5

staff: 10-49
turnover:less than £5.6million
possible ownership: sole trader partnership or a ltd

Question 6

a medium business

Answer 6

staff: 50-249
turnover: less than £22.8million
possible ownership: ltd

Question 7

a large business

Answer 7

staff: 250+
turnover: greater than £22.8million
possible ownership: ltd or plc