Nature of Business
These are physical products that businesses sell to satisfy customer wants
What are goods?
This type of business employs fewer than 200 employees.
What is an SME?
A business owned and operated by one person.
What is a sole trader?
Influences that occur inside the business are called these.
What are internal influences?
This is the first stage of the business life cycle.
What is establishment?
Services are described as this because they cannot be physically touched.
What is intangible?
Approximately this percentage of Australian businesses are SMEs.
What is over 99%?
This business structure has between 2 and 20 owners.
What is a partnership?
Inflation, unemployment, and consumer spending are part of this influence.
What is the economic influence?
During this stage, sales increase rapidly and businesses often hire more staff.
What is growth?
The process of converting inputs into outputs is known as this.
What is transformation?
A person who starts, operates, and assumes the risk of a business venture.
Who is an entrepreneur?
This business structure has limited liability and is a separate legal entity.
What is a company?
A SWOT analysis identifies strengths, weaknesses, opportunities, and these.
What are threats?
This stage occurs when sales plateau and markets become saturated.
What is maturity?
Revenue minus expenses equals this.
What is profit?
About this percentage of businesses fail within the first five years.
What is about 70%?
This industry sector involves extracting raw materials from the earth.
What is the primary sector?
This external influence refers to changes in technology such as EFTPOS or online shopping.
What is technological influence?
A business can experience renewal, decline, or cessation during this phase.
What is post-maturity?
Businesses contribute to society through employment, innovation, wealth creation, and improving this.
What is quality of life?
Entrepreneurs understand the relationship between these two concepts.
What are risk and return?
Information technology, education, and telecommunications belong to this industry sector.
What is the quaternary sector?
The ACCC and Office of Fair Trading are examples of these influences.
What are institutional influences?
Buying another business to expand is known as this type of growth.
What is acquisitive growth?