Introduction to business Flashcards
Drawback of a grant
Role of an entrepreneur
Role of an entrepreneur however
Benefit of a grant
Drawback of trade credit
Entrepreneurial Motives and Characteristics
Skills
Characteristics
- Communication
- Team working
- Problem-solving
- Organisation,
- Numeracy
- Information technology.
- Creativity
- Hard working
- Resilience
- Initiative
- Self-confidence
- Risk taking
Creativity is one important characteristic of an entrepreneur.
Benefit of trade credit
Product Orientation - Benefit
Product Orientation Drawback
benefit of leasing
Market Orientation Benefit
Drawback of leasing
drawback of overdrafts
benefit of overdrafts
drawback of share capital
benefit of share capital
drawback of loans
benefit of loans
drawback of crowd-funding
benefit of crowdfunding
drawback venture capital
Primary Research Benefit
Primary Research Drawback
Secondary Research Benefit
Secondary Research Drawback
Quantitative Data Benefit
peer to peer drawback
peer to peer benefit
Quantitative Data Drawback
family and friends drawback
Qualitative Data Benefit
family and friends benefit
Qualitative Data Drawback
sale of asset drawback
sale of asset benefit
retained profit drawback
retained profit benefit
owners capital drawback
Market Segmentation Benefit
Market segmentation Drawback
owners capital benefit
limited liability drawback
- Importance of design mix – aesthetic/function
limited liability benefit
- Drawback of prioritising element of the design mix – aesthetic/function
- Importance of design mix – economic manufacture
franchisee drawback
- Drawback of prioritising economic manufacture
benefit franchisee
- Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from extract - Benefit
franchisor drawback
franchisor benefit
- Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from extract -
- Drawback
PLC drawback
- Concern over resource depletion: designing for waste minimisation, re-use and recycling, ethical sourcing
LTD drawback
LTD benefit
partnership drawback
partnership benefit
sole trader drawback
Concern over resource depletion drawback
Sales forecasting – benefit
Sales forecasting drawback
cashflow forecast drawback
Break-even =
Fixed costs ÷ Contribution per unit
Contribution per unit =
Selling price per unit – Variable cost per unit
Total contribution =
Contribution per unit x Number of units sold
Margin of safety =
Actual output – break even output
Improving the break-even point
- Reduce fixed costs
Eg. Move to a smaller premises, reduce marketing budget, reduce staff wages/make redundancies
- Reduce variable costs (higher contribution per unit)
Eg. Switch to a cheaper supplier
- Increase selling price (higher contribution per unit)
cashflow forecast benefit
Adapting to Break-even as the ‘hook’ in a question…….
drawback business plan
benefit of business plan
Break-even is not useful because..
break-even is useful because…
