Business Env.
The environment within a business’s control
What is the internal environment?
A business owned by one person.
What is a sole trader?
usiness conducted via the internet.
What is an online business?
One input needed to operate a business that comes from the environment.
What is a natural resource?
Money invested by owners.
What is equity capital?
The two environments businesses operate in.
What are internal and external environments?
A business type with limited liability.
What is a private limited or public listed company?
Business where individuals buy rights to operate under a brand.
What is a franchise?
This location is convenient and less expensive, but may limit customer access.
What is a home-based business?
Borrowed money.
What is debt capital?
Broad external influences like economic or political factors.
What are macro factors?
A business owned by 2 or more people.
What is a partnership?
Physical store-based business.
What is bricks-and-mortar?
This term describes the number of pedestrians passing or entering a business.
What is foot traffic?
Government financial assistance.
What is a grant?
Day-to-day external factors like customers and suppliers.
What are operating factors?
A business focused on social goals as well as profit.
What is a social enterprise?
Selling directly to customers without intermediaries.
What is direct-to-consumer?
Some famous examples of this business location include Bourke Street, Bridge Road, High Street, and Chapel Street.
What are shopping strips?
Facility allowing withdrawal beyond balance.
What is an overdraft?
How do internal and external environments relate?
They influence each other and impact business decisions.
What is one difference between sole trader & company.
Ownership, liability, or legal structure
Name two business models.
Any two: online, franchise, importer, exporter, etc
Visibility, cost, proximity to competitors and complimentary businesses, demographics and laws are all factors which affect the choice of this.
What is a business location?
Name two support services.
Legal, financial, technological, networks, mentors, etc.