Business and its Environmental
someone who takes the financial risk of starting and managing a new venture
What is an entrepreneur?
person that is responsible for setting objectives, organizing resources, and motivating staff so that the organization's aims are met
What is a manager?
the management task that links the business to the customer by identifying and meeting the needs of customer profitably
What is marketing?
the difference between the cost of purchasing raw materials and the price the finished goods are sold for
What is added value?
the capital needed by an entrepreneur to set up a business
What is start-up capital?
economic, social, and environmental objectives of social enterprises
What is the triple bottom line?
work-related education to increase workforce skills and efficiency
What is training?
business that provide the same or very similar good or service
What is a (direct) competitor/ competition?
converting inputs into outputs
What is production?
the ability of a firm to be able to pay its short term debts
What is liquidity?
document that states the name of the company, the address of the head office, the maximum share capital for which the company seeks authorization, and the declared aims of the business
What is a memorandum of association?
a sense of self-fulfillment reached by feeling enriched and developed by what one has learned and achieved
What is self-actualization?
questions to which a limited number of pre-set answers offered
What are closed questions?
all of the stages in the production process from obtaining raw materials to selling to the consumer from pint of consumption
What is the supply chain?
(gross profit/revenue) x 100=...
What is gross profit margin?
identifying successful business opportunities, sourcing capital, determining a location, competition, and building a customer base
What are challenges that entrepreneurs often face?
director, manager, supervisors, workers' representatives
What are important leadership positions (in business)?
a quantified picture of consumers of a firm's products, showing proportions of age groups, income levels, location, gender, and social class
What is a consumer profile?
marketing factors, the availability of resources, and technology
What are operations decisions?
fixed cost/contribution per unit=...
limited liability, legal personality, and continuity
What are the three (distinct and important) differences between companies?
person who made the first serious attempt to analyze worker motivation in order to advise management on the best ways to increase worker performance or productivity
Who was F.W. Taylor?
creating/adding value, mass marketing and niche marketing, market segmentation
What are (important) marketing concepts?
share capital and retained earnings of the company accumulated over time from its operations
What are main resources of equity (for shareholders)?
patents, trademarks, copyright, goodwill
What are (examples of) intangible assets?