Businesses In The Real World

Question 1

Whats an enterpreneur

Answer 1

Someone who sets up their own business

Question 2

Whats an enterprise

Answer 2

The skill involved in wanting to start a business

Question 3

What is a business plan

Answer 3

A business plan is a report by a new or existing business that contains all of its research findings and explains why the firm hopes to succeed

Question 4

Whats a sole trader

Answer 4

A sole trader is a business that is owned and run by one person.

Question 5

Whats unlimetid liability

Answer 5

When the business owner or owners are personally responsible for all the debt of the business, no matter what the value.

Question 6

What are the advantages of sole trading

Answer 6

it is quick and easy to set up as a sole trader.
the business owner(s) have a lot of control over the business and its money.
it gives individuals the opportunity to be their own boss and make all the business decisions.
it has low set-up costs.

Question 7

What are the disadvantages of sole trading

Answer 7

it has the risk of unlimited liability.
it can involve long work hours and stressful conditions.
there is a high level of responsibility for the owner.
often the owner performs many different roles in the business.

Question 8

What are partnerships

Answer 8

A partnership is a type of business that has between 2 and 20 owners. They decide to set up and run a business between them.

Question 9

What are stakeholders

Answer 9

Stakeholders are any groups of people who ahve an interest in business: