business paper 1 Flashcards
why do business exist
business exist to satisfy the needs of customers and provide goods and services that people are willing to pay.
spotting an opportunity
is the ability to see the need for a particular product or service that customers need.d
what is an entiprise?
enterprise is seeing an opportunity to privide a product or service that people are willing to buy
Enterprising characteristics
are the features of an entreprenuer, which include being determined, creative and having ability to take risks
Characteristics of an entrepreneur
creativity, risk taking, determination and confidence
rewards of risk taking
Financial, independance, slef satisfaction, changing customer habits
draw backs of risktaking
finance, health and strained realationship
business plan
details how a business aims to achieve its objectives. it is usually writen before the business starts.
the contents of a business plan
the business idea, the people running the business, market research, finance, objectives of the business, the target market, competitors
the roles of a business plan
identifying markets, helping with finance, identify resources that a business needs to operate, achieving business aims and objectives.
finance
is a business word used instead of money.
success
for a business can take many forms, including making a profit, surviving and providing a good serviceto customers.
markets
are where a business sells its goods and services
resources
are the things that a business needs to make it work, including finance, staff and materials.
