Starting An Enterprise Flashcards
Why Are Businesses Set up?
Businesses are set up to make money and so that people can be their own boss. Also to help people, become famous, interested in it. Guaranteed employment.
What are the different types of business?
Sole Trader, Partnership, LTD, PLC, Franchise, Social Enterprise
Where do business ideas come from?
Business ideas come from people interested in making a company and people who have realised a gap in the market that they believe they can fill. Also business ideas can come from people wanting to make money and be successful
Why do businesses look for gaps in the market?
First of all the business need to come up with a innovative idea that they think would be successful and sell. Then research about the market and competition around and see if it would fit in.
What is a franchise? ( Advantages and Disadvantages)
A franchise is a company that sells its name to someone who sets up a shop who runs it. This type of business is very simple to set up and be successful as the company already would have recognition and be popular. However most profit that is made goes to the owner of the franchise and you make little money.
