Small to Medium Enterprises
What is the definition of a SME?
There is not universally accepted definition, we use many quantitative and qualitative measurements to help determine whether the business is an SME or not.
What are 3 personal qualities?
1. Qualifications
2. Skills
3. Motivation
4. Entrepreneurship
5. Cultural Background
6. Gender
What does SWOT stand for
Strengths, Weaknesses, Oppurtinities and Threats
What is a competitive advantage?
What year was the first Iphone released?
2007
What are two ways of measuring the size of a SME?
- Number of Employees
- Type of Ownership
- Sources of Finance
- Legal Structure
- Market Share
- Management Strcuture
What are the 3 market considerations?
1. Goods and services
2. Price
3. Location
What are the 3 things that must be monitored and evaluated?
1. Sales
2. Budgets
3. Profit
What 3 economic conditions promote business success?
1. High levels of consumer spending
2. Falling unemployment
3. Increased production
What is the chemical symbol for gold?
Au
How many employees does a medium sized business have?
20-199 employees
What are some examples of professional advisors for sources of information?
- Accountants
- Solicitors
- Bankmanagers
What are the 4 Organising Resources Plans?
1. Operations Plan
2. Marketing Plan
3. Finance Plan
4. Human Resources Plan
What are the 3 ways a competitive advantage is achieved?
1. Price/cost advantage
2. Differentiation Strategy
3. Ensuring long-term success
Who discovered electricity?
Benjamin Franklin
What are the 4 contributions of an SME?
1. Contribution to Gross Domestic Product
2. Contribution to Employment
3. Contribution to Balance of Payment
4. Contribution to Invention and Innovation
What are 3 disadvantages of starting a new business?
- Hiring employees
- Difficulty building customer base
- Marketing the new business
- Establishing cashflow
- High risk and measures of uncertainty
- Time is needed
- May not generate cashflow
What is the formula for total revenue?
Price x Quantity = Total Revenue
What is a trend analysis?
A trend analysis is the process of investigating changes over time and looking for patterns or trends in order to predict the future.
What language is spoken in brazil?
Portugese
According to the ABS, what was the percentage of SME's in the private business sector?
99.8%
What are 3 advantages of purchasing an established business?
- The business is already generating cashflow and profit
- A successful formula for running the business already in place
- Established customer base and reputation
- Employees who are familiar with operations
- Easier to gain finance
- Instant income
- Seller may offer advice and training
What is the formula for the break-even analysis?
Quantity = total foxed costs/ unit price - variable costs per unit
In 2022 what percentage of business have a preventative measures in place to address cyber security threats?
70%
What is the hottest planet in the solar system?
Venus