Business activity
Something we can't live without, like water, oxygen, air is a NEED or a WANT?
NEED
Business owned just by 1 person.
Sole trader or Partnership?
Sole Trader
What is a business objective?
A goal a business wants to achieve.
S in SMART
Specific
4
cake, make up, fast food
NEED or WANT?
WANT
Two or more people working together.
Sole trader or Partnership?
Partnership
When a business sells new products / opens other countries.
Survival / Growth
Growth
I will bake 10 cakes a day.
Is this goal measurable?
Yes
Land is ....
natural resources / place
Pen, apple, a cup of coffee
Goods or Services?
GOODS
franchises
When a business wants to stay open.
Growth / Survival
Survival
A in SMART
Able / Achievable
Achievable
Labour is .....
People working in business.
What is business activity?
When businesses satisfy the needs and wants of customers (give them what they need and want).
A small company, where shareholders can sell shares only privately.
Private limited company / Public limited company
Private limited company
SMART objectives can make a goal easier.
True / False
TRUE
I will go to space next week.
Is this goal realistic?
No
Capital is....
Money and non-natural resources
Businessman / businesswoman
SONY + ERICSSON = SONY ERICSSON
Partnership / Joint Venture
Joint Venture
Businesses should think ONLY about profit.
True / False
False
I will improve my marks soon.
Is this goal time-bound?
no
Enterprise is ...
Combining the other 3 factors of production. An entrepreneur / Businessman