Starting a business section 1

Flashcards by NJW330, updated more than 1 year ago
Created by NJW330 almost 7 years ago


Pages 1 to 11

Resource summary

Question Answer
Give two reasons why someone might start a business ??
Do charities aim to make a profit .
What is a social enterprise .
What is meant by calculated risk .
List 5 qualities that an entrepreneur is likely to have .
Which two of these are problems if you area sole trader-long hours -unlimited liability- smelly fish .
What does a sole trader gain and lose if it becomes a partnership .
If you own part of a business and the business goes bankrupt , would you rather have limited or unlimited liability ? Why? .
Limited companies have a separate legal identity, what does this mean ? .
What is a franchise? .
Describe two benefits of franchising for the franchisee .
Describe two disadvantages of franchising for the franchisee .
List seven types of business aim .
Explain the difference between a business aim and a business objective .
Describe one use of business objectives .
Describe how a business could use numerical targets to assess its performance over a year .
Describe how a business could determine whether its met its objectives for being ethical .
What is a stakeholder .
Name two internal stakeholders .
Name two external stakeholders .
Explain why the shareholders of a business and consumers might have different opinions about how successful a business is .
Who are the most important stakeholders and why .
Describe the purpose of a business plan .
Describe the things that should be included in a business plan .
Why isn't a good business plan a guarantee of success .
Why might some firms choose to locate production closer to their raw materials than their customers? .
List four other factors that need to be considered when choosing a business location .
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