enterprise

Question 1

characteristics of micro business

Answer 1

no more than 9 people, employs few people, often starts from small amount of capital , £2 million turnover

Question 2

small business characteristics

Answer 2

10-49 employees, simple business structure , flexible, close with customers and target market , 10 million turnover

Question 3

medium business characteristics

Answer 3

50-249 people employed, more delegation , often hire professionals for decision making, £25 million turnover

Question 4

characteristics large business

Answer 4

250+ employees, owners don’t run directly , sell to wide range of customers sometimes internationally, often a plc , turnover of £50 million

Question 5

what does SME stand for

Answer 5

small medium enterprise

Question 6

what does business enterprise mean

Answer 6

a person recognising a business opportunity and setting it up the business, they want either a profit or to make a difference

Question 7

what are the 4 factors of production

Answer 7

land, labour, capital , enterprise