Business Fundamentals
What are the 4 main business functions?
HR, finance, operations, marketing
what businesses need to adhere to the law
All of them
James
What are the 3 business pathways
Start your own
Buy existing
Open a franchise
What am I? strengths, weaknesses, opportunities, threats
SWOT
Name the 5 stages of the BLC
Seed, start up, growth, maturity, post maturity
Name one type pf tax a business would need to consider when in start up
Income tax or GST
Where does Harry to go school?
Hogwarts
Ideal pathway for moving from seed stage to start-up stage of business life cycle
Allows owner to maintain full control over how the business will be established – includes business name, location, branding etc
Suitable if entering into a niche market
What am I?
Opening a new business
What am I? a statement of the organization's purpose - what it wants to accomplish in the larger environment
Mission statement
Effectiveness, efficiency, stakeholder satisfaction, competitiveness
true
What is Harry's favourite subject at school
Defence against the dark arts
Mcdonalds
KFC
Nike
are examples of...
Franchises
What am I? A form of business ownership in which the owners are liable only up to the amount of their individual investments.
Limited liability
Internal stakeholders of a business are...
Owners, Employees, Managers
What is the difference between a license and permit
Licence – a legal acknowledgement that a person or business is granted permission to operate e.g. working with children check for child care centre
Permit – legal acknowledgement that a person or business is allowed to operate an aspect of the business not covered by standard licensing eg bar apply for extended trading hours
What is the name of the house elf that Harry frees
Dobby
True or false: Franchises have their own pieces of legislation they need to abide by
False
What am I? End-states that the organization intends to achieve; convert the mission into tangible actions and results to be achieved by a specified time frame
Business Goals/Objectives
External stakeholders of a business are...
Government, Suppliers, Customers, Society, Investors
explain workplace health and safety
Essential responsibility to ensure provide a safe workplace for any person who contacts the business, including employees, customers and suppliers
In the second Harry Potter, Harry goes back in time. How many years back in time did he go?
50 years
True or false: There are 25 000 franchises in Australia
False: 65000
What am I? A company that is owned by a person, family, or small group of investors that does not sell shares of stock in the company to the public.
Private company