Being An Entrepreneur
Business Structure
Going Into Business
Maintaining Records
100
someone who starts, operates and assumes the risk of a business venture in hope of making a profit
What is an Entrepreneur?
100
owned and operated by one person
What is a sole trader?
100
exclusive rights given to one business by another business to sell their products in a particular area
What is a franchise?
100
- tax purposes - useful when selling business - see how the business is going
What is main reasons for maintaing business?
200
- being you own boss - increase personal wealth - develop own ideas - possible tax advantage
What is advantages of being self employed?
200
owned and operated by between 2 and 20 people
What is a partnership?
200
setting up a new business or purchasing an existing business
What is one way of going into business?
200
measures how successful a business is at trading
What is a revenue statement?
300
- hard work and long hours - income may fluctuate - risk of failure - stress and worry - high levels of responsibility
What is disadvantages of being self-employed?
300
has between 2 and 50 private owners called shareholders
What is a private company?
300
non-material things that are part of businesses such as reputation, location and customer base
What is goodwill?
300
- income or revenue earned - costs or expenses - profit or loss incurred during this period
What is included in a revenue statement?
400
courage, determination, energy, wide range of skills, recognising own strengths and weaknesses
What is characteristics needed for success of small business?
400
can have unlimited number of shareholders
What is public company?
400
- involves less risk - existing customers - equipment and employees ready to go
What is a reason for buying an existing business?
400
shows financial position of a business at a specified time
What is a balance sheet?
500
women in small business
What is the fastest growing area within the private business sector?
500
where shareholders obligations are limited to the amounts they have invested in a company
What is limited liability?
500
- McDonalds - Boost Juice - Jims Mowing
What is an example of a franchise?
500
- assets - liabilities - owners equity
What is included in a balance sheet?
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