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Business Unit 1 - Starting A Business
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- 1BusinessAn activity that requires the organisation of resources to achieve a reward, whilst running a risk.
- 2EntrepenuerAn individual with an idea for a business.
- 3Social EnterpriseAn Activity that achieves a reward for society.
- 4Gap In The MarketA business opportunity that is either a completely new idea or adds something different to an existing product or service.
- 5FranchiseThe Legal right to use the name and logo of an existing firm and sell the same products.
- 6Business AimA stated target for the future.
- 7Business ObjectiveA clearly defined target for a business to achieve over a certain period of time.
- 8GrowthAn increase in turnover (sales), market share or profit.
- 9ProfitWhat is left after costs have been deducted from the sales revenue.
Profit: Sales Revenue-Costs - 10Profit MarginProfit made in proportion to sales revenue.
- 11SalesAmount sold or value sold.
- 12Market ShareThe proportion of total market sales sold by one business.
- 13Customer SatisfactionHow happy the customer is with the product or service.
- 14EthicsThe moral questions on which decisions are made and the impact the business has on its internal and external environment.
- 15TurnoverThe value of sales made during a trading period, also called revenue.
- 16StakeholderAn individual or group with an interest in a business.
- 17Business PlanA statement showing how a business sets out to achieve its aims and objectives.
- 18FundingThe capital (money) provided for the various stages of business growth by different sources of finance, either on a short or long term basis.
- 19ForecastA technique where the business attempts to estimate future sales, or other financial variables.
- 20RiskThe potential for loss but rewards in business make it a calculated gamble.
- 21UncertaintyNot knowing the future, or what is going to happen.
- 22Sole TraderThe most common form of business organisation, often just one person.
- 23PartnershipThe simplest way two or more people can be in business together where partners are jointly and personally responsible for debts.
- 24Unlimited LiabilityUnincorporated businesses, such as sole traders and partnerships have unlimited liability which means that owners are responsible for all debts.
- 25IncorporationThe process of forming a limited liability company such as a private limited company or plc.
- 26IncorporationThe process of forming a limited liability company such as a private limited company or plc.
- 27Limited LiabilityInvestors (shareholders) in a limited company can only lose their investment in the business if it fails; they cannot be forced to sell assets to pay off the firm's debts.
- 28TechnologyIn relation to business location, this refers to the use of e-technology, such as the internet and e-mail, to create a virtual market between the business and the consumers.
- 29LogisticsThe process of buying, managing and delivering goods from the point of manufacturing to the end consumer.
- 30MarketWhere the buyer and seller 'come together' to exchange the goods or services for money. Today this may not actually face to face meeting, but could be carried out over the internet or other telecommunication method.
- 31Mail OrderDirect marketing through mail shots leading to goods being delivered directly to customer.
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- chemistry Business Fichas sobre Business Unit 1 - Starting A Business, creado por Dina Hamed el 10/02/2015.
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- Dina Hamed
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