Business + Professionalism Flashcards
Sole-trader
Self-employed,
Limited Liability Partnership (LLP)
Partnership except partner’s liability is limited to amount of money invested
Limited company
Privately managed, shareholders and run by directors.
- Profits distributed to shareholders in dividends
- Retain profits, protect brand and claim back expenses on business.
Difference between limited and public limited company
Ltd, shares held by private individuals with relationship to company. Public limited company, shared traded on stock exchange
What are porters 5 forces? (asses competition)
- Threat of new entrants
- Supplier bargaining power
- Client bargaining power
- Threat of substitute products
- Degree of competitive rivals
Difference between entrepreneurs and intrapreneurs
Entrepreneurs= from scratch. Intrapreneurs= entrepreneurial skills to innovate new project in company they already work at.
Master budget
Overall financial operating plan (annually, quarterly)
Operating + financial budget
Costs of products/ services
Balance sheets and income statements (monthly)
Cash flow budget
Planning ahead to meet outgoings
RCVS “principles of practice” (5)
- Professional competence
- Honestly and Integrity
- Independence and impartiality
- Client confidentiality and trust
- Professional accountability
Stages of Kolb’s experiential learning
Plan, do, reflect, conclude
Gibb’s model of reflection (6)
Description, feelings, evaluation, analysis, conclusion, action plan.
Stone and Heen types of feedback (3)
Appreciation, Coaching and Evaluation
