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Business > Enterprise and Leaders > Flashcards

Enterprise and Leaders Flashcards

1
Q

What are business objectives?

A

Target set up for a business in the short or medium term

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2
Q

What is survival?

A

When a business aims to gain customers, establish a name and build a reputation. The business will also aim to make sufficient profits to reach a break even point

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3
Q

What is profit maximisation?

A

When a business aims to manage costs and boost productivity within employees to ensure sales and profits are high

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4
Q

What is sales maximisation?

A

When mangers of a business set targets for sales figures and offer a bonus to staff who help achieve these targets

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5
Q

What is market share?

A

When a business aims to improve the percentage of the market that it has

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6
Q

What is cost efficiency?

A

When a business aims to lower the average costs through economies of scale
e.g. paying employees minimum wage

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7
Q

What is employee welfare?

A

When a business aims to have good relationships with their workforce

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8
Q

What is customer satisfaction?

A

When a business aims to monitor customer service levels and focuses on quality

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9
Q

What are social objectives?

A

When a business aims to have social responsibility
e.g. reducing impact on the environment, fair wages within developing countries

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10
Q

What is an entrepreneur?

A

A person who sees an opportunity which others do not fully recognise

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11
Q

What are the roles of an entrepreneur?

A

-Creating and setting up a business
-Expanding and developing a business
-Innovation
-Anticipating risk and uncertainty in a business

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12
Q

What are the issues with setting up a business?

A

-Having the initiative to exploit a business opportunity
-Calculate the risks involved in a business
-Raising the finance to invest in the set up of a business

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13
Q

What are the issues with expanding a business?

A

-Carry out market research to see if there is a demand
-Raise necessary finance
-Introduce new products and services
-Invest in new technology

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14
Q

What is intrapreneurship?

A

An employee within a larger business who thinks like an entrepreneur
-this helps the business grow and develop
-this is important in dynamic markets

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15
Q

What does intrapreneurship involve?

A

-Take risks
-Solves problems
-Understands trends
-Knows how to add value

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16
Q

What does it mean to deal with uncertainty?

A

A situation in which there is a degree of risk, the consequences are not known and are unclear

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17
Q

What are the qualities of an entrepreneur?

A

-Determined
-Competitive
-Confident
-Innovative

18
Q

Why do people want to be an entrepreneur?

A

-Want to make more money
-Want to be self employed
-Want control

19
Q

What is a sole trader?

A

A business owned by one person with unlimited liability
-they can employ people but they are not involved in running the business

20
Q

What are the advantages and disadvantages of a sole trader?

A

-Be your own boss
-Profits don’t have to be shared
-Easy to run and easy to set up
However:
-Difficult to raise capital
-No one to share responsibility with
-Unlimited liability

21
Q

What is a partnership?

A

A business owned by 2-20 people with unlimited liability

22
Q

What are the advantages and disadvantages of a partnership?

A

-Shared decision making
-Increased amount of capital in the business
-Owners can specialise in different parts of the business
However:
-Unlimited liability
-Disputes about how to share profits
-Partnership ends if a partner leaves or dies

23
Q

What is a private limited company?

A

A business owned by shareholders with limited liability
-shares cannot be bought by the public

24
Q

What are the advantages and disadvantages of an LTD?

A

-Limited liability
-Able to raise capital by selling more shares
-Business has a separate legal status which allows continuity
However:
-Shares are not traded on the stock exchange
-Accounts can be seen by other businesses

25
Q

What is a public limited company?

A

A business owned by shareholders who purchase shares on the stock exchange with limited liability

26
Q

What are the advantages and disadvantages of PLC?

A

-Limited liability
-Greater ability to raise finance
However:
-Threat of hostile takeover
-Shareholders will expect higher dividends

27
Q

What is stock market flotation?

A

Involves selling a percentage of the company on the stock exchange for the first time
-a costly way to raise new capital

28
Q

What is a franchise?

A

A small business which buys the rights to sell and use the goods and services of a large well-established company

29
Q

What is a franchisee?

A

The small business owner who is buying the rights of a larger company
-there is usually an initial set up fee
-a % of the sales turnover is paid annually to the franchisor

30
Q

What is a franchisor?

A

The large business who are selling the rights to their business

31
Q

What are the advantages of a franchise?

A

-Tried and tested idea
-Reduced risk of business failure
-Advertising and promotion is paid by the franchisor
-Training and advice is given from the franchisor
-Logos and brand name is already established

32
Q

What are the disadvantages of a franchise?

A

-Large initial set up costs
-Franchise doesn’t have complete control
-Profit may be less than the initial payment
-Loses must be paid by the franchise
-Must pay royalties annually

33
Q

What is a social enterprise?

A

A business that trades for a social and/or environmental purpose

34
Q

What is a lifestyle business?

A

Setting up a business with the aim of providing a great quality of life for the owner

35
Q

What is an online business?

A

A business which operates on the internet through a website or app

36
Q

What are the advantages and disadvantages of an online business?

A

-Cheap to set up
-Wider range of customers
-Collect more data about customers
-Can stock a wider range of items
However:
-Greater competition
-Less impulse purchases
-Less trust than a physical store

37
Q

What is a trade off?

A

When a business has more of one thing which potentially results in having less of another

38
Q

What is an opportunity cost?

A

The value of the option not taken when a business makes a decision
-it compares the choices made against what you have given up by making that choice

39
Q

What is the importance of a trade off?

A

-Must understand the consequences of each action
-Decisions are clearer to make if trade offs and opportunity costs are looked at
-Allows a business to make the best use of their money, staff, time and resources

40
Q

What are the four barriers of becoming a leader?

A

-Personal
-Educational
-Administrative
-Financial

41
Q

What skills are required to go from an entrepreneur to a leader?

A

-Learning to delegate
-Trusting others
-Listening to others
-Having an opened mind
-Be less reactive
-Develop emotional intelligent

Business (11 decks)

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