Enterprise, Business Growth and Size

Question 1

Entrepreneur

Answer 1

Is a person who organises, operates and takes the risk for a new business venture.

Question 2

Business Plan

Answer 2

Is a document containing the business objectives and important details about the operations, finance and owners of the new business.

Question 3

Stakeholder

Answer 3

A stakeholder is an individual, group or organsation that is affected by, or intrested in a business.

Question 4

Internal Growth

Answer 4

Internal growth means a business grows on its own without buying or joining other companies.

Question 5

External Growth

Answer 5

External growth is when a business grows by joining or buying other companies instead of just expanding on its own.

Question 6

Horizontal Intergration

Answer 6

Horizontal integration is when a company grows by buying or merging with another company at the same level of the supply chain (same industry and stage of production).

Question 7

Vertical Intergration

Answer 7

Vertical integration is when a company grows by taking control of different stages of its supply chain. This means it can own suppliers, manufacturers, or retailers.

Question 8

Conglomerate Integration

Answer 8

Conglomerate integration is when a company buys or merges with a business in a completely different industry.