Nature & Roles of Business
Something tangible that you can touch and use, versus something done for you.
Different between Goods and Services
A business owned and operated by one person.
What is a sole trader?
What are examples of internal and external influences?
Internal: management style. External: government regulations.
Between 20 and 199 employees.
What is a medium-sized business?
Business Activity Statement.
What does BAS stand for?
Setting objectives and deciding how to achieve them.
What is planning in business?
How many employees does a small business have
15 employees
Any individual or group affected by the business.
What is a stakeholder?
Creates jobs and contributes to GDP.
How do SMEs contribute to the economy?
A short written declaration of a business’s purpose and goals.
What is a mission statement?
Monitoring production to ensure efficiency and standards.
What is controlling?
Primary, secondary, tertiary, quaternary, and quinary.
What are the five industry sectors?
Employees, customers, government.
What are three types of stakeholders?
What are three establishment options for starting a business?
starting from scratch, buying an existing business, franchising.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
Organising resources and people to achieve goals.
What is management?
Incorporated has legal separation between owner and business; unincorporated does not.
What is the difference between incorporated and unincorporated business structures?
It must adapt constantly to survive changing environments.
How is a business like a survivor in the wild?
Gross Domestic Product; SMEs increase production and innovation.
What is GDP and how do SMEs affect it?
What are three sources of employees?
Online ads, recruitment agencies, word of mouth.
What are the five business functions?
Operations, marketing, finance, human resources, and administration.
What are examples for the four business classifications?
Sole trader (legal), local business (geography), small business (size), tertiary sector (industry).
Economic, financial, geographic, social.
What are four external influences on businesses?
Resilience, innovation, and risk-taking.
What are three personal characteristics important for starting a business?
To fix underperformance and get back on track toward goals.
What is the purpose of taking corrective action?