What are ways a business is effected from global competition?
100
Renewal; steady; decline
What are the actions a business can take in the post-maturity stage?
100
Personalised service; local; sole owner; controlled by owner; small market share; capital provided by owner; owner makes decisions; Fewer than 20 staff (100 in manufacturing)
What are characteristics of SMEs?
100
An entrepreneur seeking to set up a new business with bookkeeping knowledge would be deemed to have a
What is skills of an entrepreneur?
200
Both are part of the service industry, quaternary involves the transfer of information and knowledge; Quinary is the services traditionally performed in the home.
What is the difference between quinary and quaternary sectors?
200
A recent political influence over mining companies
What is Carbon tax / Extraordinary profits tax?
200
The agreed combination of two businesses into one
What is a business merger?
200
97%
What is the percentage of companies who are SME exporters?
200
Being motivated, a good listener and a willingness to work long hours are grouped together as what?
What is personal qualities?
300
The proportion of total market sales the business has compared to its competitors (expressed a s a % of the total market sales)
What is market share?
300
Number of competitors (market concentration); ease of entry of competitors; foreign competitors; marketing strategies used.
What is competitive influences on business?
300
Complacency often occurs here
What is likely to develop in the maturity stage?
300
Undercapitalisation and a lack of planning
What is the two main reasons businesses fail?
300
Fill in the blanks: “A good entrepreneur will have: high levels of e_ _ _ _ _ and is C______ in their own ability”
What is energy and confident?
400
less than 5 employees
What is the maximum amount of employees in a micro business?
400
Product; location; management; resource management; business culture
What are examples of internal influences on business?
400
If a sole trader cannot pay their business debts they can be declared...
What is Bankruptcy
400
They are flexible; have good reputations; they effectively focus on a market niche; their entrepreneurial ability; up-to-date information available to them
What are key factors that help SMEs to succeed?
400
The service fees for advice; incompatible goals; lack of control; franchisor termination of your contract at short notice; shared % of profits may be given.
What is disadvantages of buying a franchise?
500
Type, number of employees; ownership; legal structure; geographical spread; industry sector (others may include: decision making; source of finance; market share)
What are ways a business can be classified?
500
staff, canteen, neighbours, bus companies, government, parents; students
What are examples of stakeholders in WCCS?
500
the last people to be paid when a business goes into liquidation
What is Owners / shareholders?
500
Contribute to GDP; provide bulk of jobs; help our Balance of Payments; invent and innovate
What are ways SMEs can contribute to the Australian economy?
500
Customer information; competitor strengths and weaknesses; state of the market or industry they are planning to enter; their own company strengths and weaknesses and products.