business studies: unit 1

Aoife kilcommons
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Aoife kilcommons
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business studies: unit 1
  1. Enterprise
    1. An enterprise is the formation of a new business or development of a new product or service that will be introduced into the market
    2. What is an entrepreneur
      1. An entrepreneur is someone who is willing to take the risk in setting up a new business
        1. they can be anyone eg. male,female,young,old
          1. Examples of some: Levi Roots,Steve jobs,Oprah winfrey,JK.Rowling
          2. There are certain skills that they will need to have eg. creative,hard working,confident,persuasive,good business skills
          3. Why do businesses exist?
            1. To produce goods,provide a service,help others,meet the needs of society
              1. sources of business ideas?
                1. Personal experience,business experience,market research,brain storming
              2. Market gap
                1. A market gap is an unmet consumer need. Gaps in the market represent opportunities for companies to expand their customer base.
                  1. What is a niche?
                    1. A niche is a gap in the market
                  2. What is market research
                    1. Finding out what the customer wants
                      1. What already exists and how it can be improved
                      2. What is a business?
                        1. A business is an organisation that is set up to provide goods or services to customers eg: the public,goverment or other businesses
                        2. Why start a business?
                          1. 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
                          2. sectors
                            1. primary
                              1. the primary sector produces raw materials
                              2. secondary
                                1. the secondary sector manufactors goods
                                2. Tertiary
                                  1. The tertiary sections provides services such as selling goods
                                3. Business ownership structures
                                  1. partnerships
                                    1. partnerships are not that common
                                      1. advantages/disadvantages
                                        1. Less work, more money to put into the business,more ideas and unlimited liability. however the disadvantages are more disagreements and less profit
                                    2. Sole trader
                                      1. Most small businesses are sole traders
                                        1. advantages/disadvantages
                                          1. There is only one owner unlimited liability, would have to work long hours and may have to sell personal belongings to pay debts
                                    3. Aims and objectives
                                      1. Year 1: To survive
                                        1. Year 2: Make profit
                                          1. Year 3: Expand the business
                                          2. Franchises
                                            1. 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
                                              1. The franchisee normally pays a licence fee and a percentage of profit to the franchisor
                                                1. Advantages
                                                  1. Less chance of failure as the business is well known ,help and support,big amounts of profit, lots of customers.
                                                  2. Disadvantages
                                                    1. 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.
                                                  3. Examples of franchises are new look,primark,mcdonalds,kfc and many more well know brands and shops
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