Size
Employee.
What is the name of someone who works for an enterprise?
When the owner and the business are seen as the same entity and therefore the owner is responsible for the debts of the business.
What is unlimited liability?
A local bakery selling a birthday cake directly to a customer is an example of B2C, while selling wholesale bread daily to a local restaurant is an example of B2B. What do the letters B2C and B2B stand for?
What are Business to Consumer and Business to Business?
Physical items that can be touched, stored, and held—such as smartphones or shoes—are classified as this.
What are Goods?
Selling goods over the internet using a website or an app is commonly known by this term.
What is e-commerce (or online selling)?
This classification of enterprise employs fewer than 10 people and typically has a very small annual turnover.
What is a Micro enterprise?
This type of business is owned and run by just one person, who keeps all the profits after tax but faces unlimited liability.
What is a Sole Trader?
A high-street clothing shop selling a jacket directly to a member of the public operates under this model.
What is B2C (Business to Consumer)?
Non-physical offerings such as a haircut, plumbing repair, or bus ride are classified as this.
What are Services?
A traditional retail establishment located on a high street where customers physically browse items is referred to by this popular building item.
What is bricks?
A small enterprise is defined as having between 10 and this maximum number of employees.
What has 49 employees? (10–49 employees)
Unlike a standard partnership, this legal structure protects partners' personal assets so they do not lose more than they invested if the business fails.
What is a Limited Liability Partnership (LLP)?
Tesco and Nike.
What are examples of a B2C business?
This sector involves extracting natural resources directly from the earth or sea, with farming and fishing being two common examples.
What is the Primary sector?
It is limited to local customers and therefore has a small target market.
What is a disadvantage of having a physical location?
This size of enterprise employs between 50 and 249 people.
What is a Medium enterprise?
A private limited company has this abbreviation at the end of its trade name to indicate limited liability for its shareholders.
What is Ltd?
A wholesaler selling bulk raw ingredients directly to a local bakery is an example of this model.
What is B2B (Business to Business)?
This sector takes raw materials from the primary sector and processes or manufactures them into finished or semi-finished physical goods.
What is the Secondary sector?
It is open 24/7 which means lots of customers are able to continue purchasing worldwide.
What is an advantage of selling online?
SMEs is an abbreviation often used by governments and financial institutions to describe these three categories of enterprise together.
What are Small and Medium Enterprises? (or Small to Medium-sized Enterprises)
This type of enterprise reinvests or donates its profits to support a social or environmental cause rather than maximizing payouts to owners.
What is a Social Enterprise?
Compared to B2C, sales cycles in B2B are typically much longer for this main reason.
What is higher transaction value / complex decision-making processes / multiple stakeholders involved?
Banks, hairdressers, supermarkets, and hotels all operate within this dominant sector of the UK economy.
What is the Tertiary sector?
A business operating multi-channel selling uses both of these main physical and digital sales channels to reach customers.
What is a hybrid business model?