Business structures
A business owned and operated by one person.
Sole proprietorship/sole trader
What Business structure has Limited Liability?
A Private Company
A person who takes risks and starts a business not necessarily to make a profit.
An entrepreneur
A person who legally owns part of a public business entity
A shareholder
Are Opportunities and Threats related to the internal or external business environment?
External
A business in which the owners share profits and losses equally.
Partnership
What does Pty Ltd stand for?
Propriety Limited
Something that businesses are always searching for or must take advantage of.
Competitive Advantage
When owners of a business can be held personally liable.
Unlimited liability
What is a key advantage to being a Sole Trader?
Freedom and Independence.
Keeps all the profit.
Makes all the decisions.
A business viewed as a separate legal entity.
A company
Name an analytical tool used by businesses to improve.
A SWOT analysis.
Are Strengths and Weaknesses concerned with the internal or external environment of the business?
Internal
When investors are not personally liable for business debts.
Limited liability
What is a social entrepreneur?
Someone who starts a business with the aim or solving social problems or effecting social change.
What is an example of a differentiation strategy?
Product or Service or Quality differentiation.
What does S stand for in SWOT?
Strengths
A word used to describe a particular sector of the population which a business wants to appeal to.
What is a target market?
What does O stand for in a SWOT analysis?
Opportunities
Name 3 ways a business can innovate.
Product, Process and Business model
What are 2 ways a business can gain a competitive advantage?
Cost and Differentiation Advantage.
An international fast food franchise founded by an individual with a military designation.
KFC
Do Sole Traders and Partnerships have limited liability?
No
Business that is legally separate from its owners and has most of the legal rights of an actual person.
A company
Are risk taking and courage, attributes of an entrepreneur?
Yes