Starting a Business

lizzie.jesson
Mind Map by , created over 5 years ago

GCSE Business Studies (Unit 1) Mind Map on Starting a Business, created by lizzie.jesson on 03/31/2014.

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lizzie.jesson
Created by lizzie.jesson over 5 years ago
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Starting a Business
1 SET UP BECAUSE...
1.1 financial
1.2 personal
1.3 to help others
1.3.1 enterprise
2 AIMS
2.1 to survive
2.2 to make a profit
2.3 to expand
3 ENTERPRISE
3.1 example; charity
3.2 helping another business
4 SOLE TRADER
4.1 ADVANTAGES
4.1.1 easy to set up
4.1.2 be your own boss
4.1.3 can decide what happens to the profit
4.2 DISADVANTAGES
4.2.1 long hours
4.2.2 unlimited liability
4.2.2.1 have to sell everything you owe, if the business goes into debt
5 PARTNERSHIP
5.1 2-20 PARTNERS
5.2 ADVANTAGES
5.2.1 more owners, more skills
5.2.2 more capital can be put into the business
5.3 DISADVANTAGES
5.3.1 each partner is legally responsible for what the others do
5.3.2 unlimited liablility
5.3.3 more arguements
6 Ltd
6.1 Limited Liabitily
6.2 Shares can only be sold to friends and family
6.3 ADVANTAGES
6.3.1 Cant lose more than the business invests
6.4 DISADVANTAGES
6.4.1 more expensive
6.4.2 have to publish accounts every year
7 FRANCHISES
7.1 example; McDonalds
7.2 FRANCHISING
7.2.1 other companies can use your name
7.3 FRANCHISORS
7.3.1 the firm selling the products = FRANCHISEE
7.4 ADVANTAGES
7.4.1 buying the right to use the name
7.4.2 promoting the business quicker
7.4.3 increases market share, increases size of the firm
7.5 DISADVANTAGES
7.5.1 only be able to sell the companies products
7.5.2 have to run the business according to the fRANCHISOR
7.5.3 poor standards = bad reputation
8 AIMS, OBJECTIVES AND BUSINESS SUCCESS
8.1 SURVIVE
8.2 PROFIT
8.3 MARKET SHARE
8.4 CUSTOMER SATISFACTION
8.5 OBJECTIVES
8.5.1 short term aims
8.5.2 more specific
8.5.3 need to be sustained
8.5.4 can show if the business is successful or not
8.5.4.1 businesses compare their objectives with performance.
9 STAKEHOLDERS
9.1 anyone effected by the business
9.1.1 internal
9.1.1.1 inside the firm
9.1.1.1.1 employees
9.1.1.1.2 owners
9.1.2 external
9.1.2.1 outside the firm
9.1.2.1.1 customers
9.1.2.1.2 suppliers
9.1.2.1.3 locals
9.2 EMLOYEES
9.2.1 want job security
9.2.1.1 want decent wages, good working conditions
9.2.2 want promotion prospects
9.3 SUPPLIERS
9.3.1 business gives them an income
9.3.2 benefit the most when objectives are about growth
9.4 LOCALS
9.4.1 provide good jobs
9.4.2 sponser local activities
9.5 CUSTOMERS
9.5.1 want high quality - low prices
10 BUSINESS PLAN
10.1 outline of what the business will do, and how
10.1.1 can convince banks for a loan
10.1.2 can show if this is a bad idea or not
10.2 7 sections
10.2.1 personal details
10.2.2 mission statement
10.2.3 objectives
10.2.4 product description
10.2.5 product details
10.2.6 staff requirements
10.2.7 finance
11 LOCATION
11.1 location of raw materials (suppliers)
11.1.1 close as possible
11.1.2 lower delivery costs
11.2 labour supply
11.2.1 near high unemployment
11.3 location
11.3.1 close/near to competitors
11.4 GOOD COMMUNICATION
11.4.1 telephone etc

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