6621973
Description
Mind Map by Aoife kilcommons, updated more than 1 year ago
|
Created by Aoife kilcommons
over 7 years ago
|
|
business studies: unit 1
- Enterprise
- An enterprise is the formation of a
new business or development of a
new product or service that will be
introduced into the market
- An enterprise is the formation of a
new business or development of a
new product or service that will be
introduced into the market
- What is an entrepreneur
- An entrepreneur is someone who is willing
to take the risk in setting up a new business
- they can be anyone eg.
male,female,young,old
- Examples of some: Levi Roots,Steve
jobs,Oprah winfrey,JK.Rowling
- Examples of some: Levi Roots,Steve
jobs,Oprah winfrey,JK.Rowling
- There are certain skills that they
will need to have eg. creative,hard
working,confident,persuasive,good
business
skills
- An entrepreneur is someone who is willing
to take the risk in setting up a new business
- Why do businesses exist?
- To produce goods,provide a service,help
others,meet the needs of society
- sources of business ideas?
- Personal
experience,business
experience,market
research,brain storming
- Personal
experience,business
experience,market
research,brain storming
- To produce goods,provide a service,help
others,meet the needs of society
- Market gap
- A market gap is an unmet consumer need. Gaps in the market
represent opportunities for companies to expand their
customer base.
- What is a niche?
- A niche is a gap in the market
- A niche is a gap in the market
- A market gap is an unmet consumer need. Gaps in the market
represent opportunities for companies to expand their
customer base.
- What is market research
- Finding out what the customer wants
- What already exists and how it can be improved
- Finding out what the customer wants
- What is a business?
- A business is an organisation that is set up to provide goods or
services to customers eg: the public,goverment or other businesses
- A business is an organisation that is set up to provide goods or
services to customers eg: the public,goverment or other businesses
- Why start a business?
- Reasons why some may want to start up thier own business:
To persue an intrest or hobby, to escape a boring job,to
provide a service, to be thier own boss
- Reasons why some may want to start up thier own business:
To persue an intrest or hobby, to escape a boring job,to
provide a service, to be thier own boss
- sectors
- primary
- the primary sector
produces raw materials
- the primary sector
produces raw materials
- secondary
- the secondary sector manufactors goods
- the secondary sector manufactors goods
- Tertiary
- The tertiary sections provides
services such as selling goods
- The tertiary sections provides
services such as selling goods
- primary
- Business ownership structures
- partnerships
- partnerships are
not that common
- advantages/disadvantages
- Less work, more money to put into the
business,more ideas and unlimited liability.
however the disadvantages are more
disagreements and less profit
- Less work, more money to put into the
business,more ideas and unlimited liability.
however the disadvantages are more
disagreements and less profit
- advantages/disadvantages
- partnerships are
not that common
- Sole trader
- Most small businesses
are sole traders
- advantages/disadvantages
- There is only one owner unlimited liability, would have
to work long hours and may have to sell personal
belongings to pay debts
- There is only one owner unlimited liability, would have
to work long hours and may have to sell personal
belongings to pay debts
- advantages/disadvantages
- Most small businesses
are sole traders
- partnerships
- Aims and objectives
- Year 1: To survive
- Year 2: Make profit
- Year 3: Expand the business
- Year 1: To survive
- Franchises
- A franchise is when one business (the franchisor) gives another person or business
(the franchisee) the right to trade using its name and to sell its products or provide
its services
- The franchisee normally pays a
licence fee and a percentage of
profit to the franchisor
- Advantages
- Less chance of failure as the business is well
known ,help and support,big amounts of profit,
lots of customers.
- Less chance of failure as the business is well
known ,help and support,big amounts of profit,
lots of customers.
- Disadvantages
- You have to pay licence fees,its not your own business,training fees,you will have to give a percentage
of your profits to the franchisor also there are certain rules you have to follow that the franchisor sets.
- You have to pay licence fees,its not your own business,training fees,you will have to give a percentage
of your profits to the franchisor also there are certain rules you have to follow that the franchisor sets.
- Advantages
- Examples of franchises are new
look,primark,mcdonalds,kfc and many more well
know brands and shops
- The franchisee normally pays a
licence fee and a percentage of
profit to the franchisor
- A franchise is when one business (the franchisor) gives another person or business
(the franchisee) the right to trade using its name and to sell its products or provide
its services
Want to create your own Mind Maps for free with GoConqr? Learn more.