TYPE OF BUSINESS Flashcards
Small Business
Fewer than 20 employees, a small presence in the industry, independently owned, sole trader or partnership.
Medium Business
20-199 employees, owned by a few people or private shareholders, partnership, a private company, owner responsible for decisions but slower process than small business, medium dominance.
Large Business
200 or more employees, owned by thousands or public shareholders, public company, complex decision making due to layers of management, large dominance.
Local Business
A business with a very restricted geographical spread; it serves the surrounding area.
National Business
A business that sells, its products throughout a country, but not overseas.
Global Business
A business that has branches in many countries and is commonly referred to as a multinational corporation.
Industry
Businesses that are involved in similar types of production.
Primary
Those businesses involved in the collection of natural resources.
Secondary
Businesses involved in taking raw material and making it into a finished or semi-finished business.
Tertiary
People performing a vast range of services for other people.
Quaternary
Services that involve the transfer and processing of information and knowledge.
Quinary
All services that have traditionally been performed in the home.
Sole trader
Businesses that are owned and operated by a single owner. The owner has unlimited liability.
Partnership
Businesses owned and operated by between 2 and 20 people. The owners have unlimited liability.
Private company
An incorporated business where shares are only offered to people the business wishes to be owners.
