What is a business?
Types of business entities
Business objectives
Stakeholders
Toolkit
100

A product that is intangible

What is a Service?

100

The sector owned and organized by the government

What is the Public sector?

100

A statement of what the business wants to be in the far future

What is a Vision?

100

A stakeholder benefitting from higher wages

What is an Employee?

100

The S in STEEPLE

What is Social (factors)

200

How inputs become outputs (goods or services)

What is the Transformation process?

200

When one person is the only owner of a business and has unlimited liability

What is a Sole trader?

200

A statement of the business' purpose, what they do

What is a Mission?

200

A stakeholder who benefits from increased stock prices

What is a Shareholder?

200

The three E's in STEEPLE

What is environmental, economic and ethical

300

The sector in which manufacturing takes place

What is Secondary sector?

300

When a company is a separate legal entity and the owners are not personally responsible

What is Limited liability?

300

A business objective focusing on earning more than the costs and expenses

What is Profit maximization?

300

A stakeholder who benefits from improved quality and lower prices

What is a Customer?

300

An external negative factor in a SWOT analysis

What is Threat

400

The concept of outputs being more valuable than the inputs going into production

What is Adding value?

400

When the customers or employees of a business owns the business together with equal voting rights

What is a Cooperative?

400

A business objective focusing on capturing a large market share

What is Growth?

400

A stakeholder who will value increased orders and getting paid on time

What is a Supplier?

400

The name of a strategy when a business aims to stand out from the competition and charge a higher price in a niche market

What is Differentiation focus (strategy)

500

A challenge of starting a new business

What is... anything at Beatrice's discretion

500

The first is a company where shares can only be sold with the owners' approval and the other is when the shares can be sold on an open market

What is the difference between Privately held companies and Publicly held companies?

500
A long term plan for how a business will reach its long term objectives

What is a Strategy?

500

A stakeholder that might benefit from increased job opportunities, overall increasing income, training, etc

What is the Local community?

500

The name of the strategy when a business aims to get the lowest costs in the industry while selling their product in a mass market

What is Cost leadership (strategy)