unit 1 aos 2 Flashcards
legal support
legal support services assist in ensuring a business meets all of its legal requirements
financial support
financial support services assist in managing a business’s finances
technological suport
technological support services assist in managing and implementing the technologies available businesses
community based support
assist in engaging businesses with the community
informal networks
informal networks support services are the interconnected friends or family that assist in offering support to business owners.
formal networks
support services are interconnected groups of people and official organisations that assist in offering professional support to business owners
business mentors
supprt services are experienced individuals who can assist in providing expert advice and feedback
internal environment
The internal environment involves factors within a business that a business has control over.
external environment
The external environment involves the surrounding factors that can impact
a business, which it has minimal control over.
macro factors
Macro factors are social, legal, technological, global, and economic conditions that a business operates in and has no control over
operating factors
Operating factors are the primary external factors impacting a business that it has some control over.
business environment
Business Environment is sum or collection of all internal and external factors
a sole trader
A sole trader is a business structure that is owned and operated by one individual. A sole trader has full decision-making power and is legally responsible for all aspects of the business.
partnership
A partnership is a business structure that is owned by two to 20 owners.
a private limited company
A private limited company is an incorporated
business structure that
has at least one director and a maximum of 50 shareholders.
a public listed company
A public listed company is an incorporated business that has an unlimited number of shareholders and lists and sells its shares on the ASX.
social enterprise
A social enterprise is a type of business that aims to fulfil a community or environmental need by selling goods or services.
a government business enterprise
A government business enterprise (GBE) is a business that is owned and operated by the government.
online business
An online business is a business model where goods and services are traded via the internet.
business model
A business model is a plan that identifies how the business will operate to make a profit.
direct to consumers business
A direct-to-consumer business is a business model where the business’s products are sold directly to consumers with no intermediaries involved.
bricks and mortar
A bricks-and-mortar business is a business model that has a physical store presence.
franchise
A franchisee is an individual outside of the business who has bought the rights to operate under the name of an existing business and sell its goods and services.
importer
An importer purchases goods and services from overseas and sells them in its home country.
exporter
An exporter produces goods and services in its home country and sells them to overseas buyers.
Purchasing an existing business
Purchasing an existing business involves buying a business that is already set up and operating. When buying an established business, the buyer will also obtain the premises, equipment, existing stock, employees, customer accounts, and goodwill of the established business
Establishing a new business
involves individuals with innovative business ideas that are not yet present in a market.
natural recourses
Natural resources are raw materials from the environment that are used in the production of goods and services.
labour resources
Labour resources are the people who provide the business with their skills and qualifications to conduct business activities.
capital resources
Capital resources
are man-made goods used in the production of goods and services.
business location
Business location is the physical or non-physical place that a business operates from.
visability/
accessibility
Visibility is the ability to be seen.
Accessibility is the ability to be entered, used, or
cost
the monetary value that has been spent by a company in order to produce something
Proximity to Business competitors
Being close to competition means these businesses are more likely to be considered by people making a purchase.
Proximity to Complementary Businesses
means being near businesses that offer related products or services, leading to mutual benefits like increased customers and collaboration.
Proximity to Suppliers and Customers
Proximity to suppliers and customers means being close to your sources and target market, which can lead to cost savings and better relationships.
equity capital
is money contributed to a business by an investor in exchange for partial ownership.
debt capital
is money that has been lent to a business by an external source that must be paid back over time with interest.
overdraft facilities
are agreements between banks and businesses or individuals, that allow a bank account to be withdrawn below zero.
grant
is money provided by a government or another organisation for a particular reason.
business planning
is the process of establishing
a business’s goals and developing strategies
to achieve them.
SWOT analysis
A SWOT analysis is a planning analysis tool that helps a business identify its internal strengths and weaknesses, as well as any external opportunities
and threats.
CSR
Corporate social responsibility (CSR) is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.
