BS U1-1

BS U1-1

Entrepreneurs
1. Examples
  1. Richard Branson
    1. Virgin
  2. Anita Roddick
    1. Body Shop
Reasons for starting a business
1. To make money
2. Something to do - boredom
3. Found a gap in the market
4. Have an idea/interest they want to pursue
5. Want to use skills they have gained
6. Want to work for themselves rather than others
7. Stuck in a dead-end job
Types of business
1. Sole Trader
  1. Advantages
    1. Make all decisions
    2. Keep 100% profit
  2. Disadvantages
    1. Overloaded - have to do all the work yourself
    2. No sick or holiday leave
    3. Only person to do the job
      1. No-one to bounce ideas off
2. Partnership
  1. Advantages
    1. Bounce ideas off work partner
    2. More experience and ideas
    3. More funding
  2. Disadvantages
    1. Can't make all decisions
      1. Arguments
    2. Have to share profit
Sectors of Economy
1. Primary
  1. Farming
  2. Mining
  3. Fishing
  4. Gathering of raw materials
2. Secondary
  1. Factories
  2. Manufacturers
3. Tertiary
  1. Service to sell goods
  2. Education
  3. Health
  4. Police
  5. Armed forces
4. All depend on each other
Stakeholders
1. Internal Stakeholders
  1. Employees
    1. Rely on work for pay and security
  2. Managers
    1. Plan for future, firing people etc
2. External Stakeholders
  1. Owners
    1. Long term interest
  2. Customers
    1. Want lowest price with best service
  3. Suppliers
    1. Supply goods/services - withdraw contract if failing
  4. Government
    1. More jobs means less benefits
  5. Local Community
    1. Want ethical businesses, reducing crime etc

Next up

Description

Resource summary

Similar

	Created by jadepalmer98 over 10 years ago