Introduction to business Flashcards
1
Q
Drawback of a grant
A
2
Q
Role of an entrepreneur
A
3
Q
Role of an entrepreneur however
A
4
Q
Benefit of a grant
A
5
Q
Drawback of trade credit
A
6
Q
Entrepreneurial Motives and Characteristics
A
Skills
Characteristics
- Communication
- Team working
- Problem-solving
- Organisation,
- Numeracy
- Information technology.
- Creativity
- Hard working
- Resilience
- Initiative
- Self-confidence
- Risk taking
7
Q
Creativity is one important characteristic of an entrepreneur.
A
8
Q
Benefit of trade credit
A
9
Q
Product Orientation - Benefit
A
10
Q
Product Orientation Drawback
A
11
Q
benefit of leasing
A
12
Q
Market Orientation Benefit
A
13
Q
Drawback of leasing
A
14
Q
drawback of overdrafts
A
15
Q
benefit of overdrafts
A
16
Q
drawback of share capital
A
17
Q
benefit of share capital
A
18
Q
drawback of loans
A
19
Q
benefit of loans
A
20
Q
drawback of crowd-funding
A
21
Q
benefit of crowdfunding
A
22
Q
drawback venture capital
A
23
Q
Primary Research Benefit
A
24
Q
Primary Research Drawback
A
25
**Secondary Research Benefit**
26
Secondary Research Drawback
27
**Quantitative Data Benefit**
28
peer to peer drawback
29
peer to peer benefit
30
**Quantitative Data Drawback**
31
family and friends drawback
32
**Qualitative Data Benefit**
33
family and friends benefit
34
**Qualitative Data Drawback**
35
sale of asset drawback
36
sale of asset benefit
37
retained profit drawback
38
retained profit benefit
39
owners capital drawback
40
Market Segmentation Benefit
41
Market segmentation Drawback
42
owners capital benefit
43
limited liability drawback
44
* **Importance of design mix – aesthetic/function**
45
limited liability benefit
46
* **Drawback of prioritising element of the design mix – aesthetic/function**
47
* **Importance of design mix – economic manufacture**
48
franchisee drawback
49
* **Drawback of prioritising economic manufacture**
50
benefit franchisee
51
* **Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from extract - Benefit**
52
franchisor drawback
53
franchisor benefit
54
* **Changes in the elements of the design mix to reflect social trends – must adapt to relevant social trend from extract -**
* **Drawback**
55
PLC drawback
56
* **Concern over resource depletion: designing for waste minimisation, re-use and recycling, ethical sourcing**
57
LTD drawback
58
LTD benefit
59
partnership drawback
60
partnership benefit
61
sole trader drawback
62
Concern over resource depletion drawback
63
**Sales forecasting –** **benefit**
64
Sales forecasting drawback
65
cashflow forecast drawback
66
Break-even =
Fixed costs ÷ Contribution per unit
67
Contribution per unit =
Selling price per unit – Variable cost per unit
68
Total contribution =
Contribution per unit x Number of units sold
69
Margin of safety =
Actual output – break even output
70
_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)
71
cashflow forecast benefit
72
_Adapting to Break-even as the ‘hook’ in a question……._
73
drawback business plan
74
benefit of business plan
75
Break-even is not useful because..
76
break-even is useful because...
