Business and Enterprise 1.1

Cody Tatley
Flashcards by Cody Tatley, updated more than 1 year ago
Cody Tatley
Created by Cody Tatley almost 6 years ago
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BTEC Applied Business Flashcards on Business and Enterprise 1.1, created by Cody Tatley on 09/29/2015.

Resource summary

Question Answer
What is enterprise? Enterprise is the ability to achieve a positive result. In addition, using resources effectively.
What is an entrepreneur? A person who sets up a business from scratch and uses a variety of skills to achieve the business' goals. An entrepreneur is able to take risks in order to be successful.
The skills of an entrepreneur ◦Leadership ◦Self-Evaluative ◦Knowledgeable ◦Aspiration ◦Visionary ◦Adaptability ◦Decision Making ◦Organisation ◦Communication ◦Initiative
What is business enterprise? ◦Financial - money to start a business ◦Commercial - having customers (a market) to sell your product/service. ◦Industrial - businesses concerned with production and creation.
Why do businesses fail? ◦Leadership is not effective. Customer service. ◦Competitors offering cheaper goods, innovative products and better services.
Business Sectors ◦Primary ◦Secondary ◦Tertiary
Diversify business activity •Business Aims: ◦Making a profit ◦Providing goods and service to a local or wider community ◦Surviving as a business or expanding ◦Maximising sales or improving the quality of a product ◦Providing high competitive sales
•Business Aim cycle ◦Aim - The long term goals the business wants to achieve. ◦Objectives - The steps in order to achieve aims. ◦Targets - Used to check the progress on the achievement of objectives and aims.
Business Ownership Private Sole Trader ◾Partnership ◾Private Limited Company ◾Public Limited Company ◾Franchise ◾Workers Cooperative
Public ◾Government Departments ◾Health Trusts ◾Local Authorities ◾Public Corporation
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