AQA Business Studies GCSE - Unit 1 Topic 1 - Setting Up a Business

AQA Business Studies GCSE - Unit 1 Topic 1 - Setting Up a Business

1. Reasons for Starting a Business

   • Need a Job
   • To get more money
   • To advance on a hobby
   • For the challenge
   • To help others

2. What is a stakeholder and examples of stakeholders

   • A stakeholder is someone who is affected by a business
     • Government
     • Employees
     • Customers
     • Suppliers
     • Local community
     • Managers/Owners
     • Distributers

3. An objective is something you hope to achieve with you business in a set amount of time

   • Make money
   • Keep the business going
   • Customer satisfaction
   • Grow the business

4. A business plan is a plan of what you are going to do. Having one can help you avoid risks, gain investment and check progress.

   • Info about yourself
   • Your aims for the business
   • Repayments
   • Marketing Info
   • Financial forecast

5. Unlimited and Limited Liabilities

   • Unlimited: Your personal assets can be taken, e.g. your house
   • Limited: Your personal assets cannot be taken

6. Different types of legal structure

   • Sole Trader - Plumber - Get to keep all the profits - Hard to take holidays
   • Partnership - Dentist/Doctors - Share ideas - Share profits
   • Limited Company - Schools - Personal assets protected - takes a lot of time to set up
   • Franchise - Fast food restaurants - Free adverts - Have to do as told