What is a Business?
This is the process of combining human, physical, and financial resources to create goods or services.
What is business activity?
A business owned by one person who has unlimited liability.
What is a sole trader
These are the general long-term goals of a business.
What is a vision?
A person who takes the financial risk of starting and managing a new business.
Who is an entrepreneur?
Individuals or groups that have an interest in a business’s operations and outcomes.
Who are stakeholders?
Businesses that produce intangible products such as banking or tourism operate in this sector.
What is the tertiary sector
This type of organization is owned by shareholders and traded on the stock exchange.
What is a public limited company?
These are short- to medium-term targets that help achieve aims.
What are objectives?
This term refers to the capital invested by the owner to start a business.
What is start-up capital?
The owners of a limited company.
Who are shareholders?
The transformation of inputs into outputs that provide added value is known as this process.
What is the production process?
Organizations that operate for social purposes rather than profit.
What are non-governmental organizations (NGOs) or non-profit organizations?
A statement that defines a business’s purpose and core values.
What is a mission statement?
A short written document outlining a business’s goals, strategies, and financial forecasts.
What is a business plan?
The conflict that arises when stakeholder interests differ.
What is a stakeholder conflict?
When a business sells to other businesses rather than individual consumers, it operates in this market.
What is the business-to-business (B2B) market?
A business jointly owned by its members who share profits and decision-making.
What is a cooperative?
Objectives that relate to financial performance, market share, and growth.
What are corporate objectives?
Factors such as location, competition, and regulations that affect a start-up’s success.
What are external factors?
Growth achieved from within the business by reinvesting profits.
What is internal (organic) growth?
The continuous process of creating new or improved products to meet customer needs better than competitors.
What is innovation?
A partnership between the private sector and the government to provide public goods or services.
What is a public-private partnership (PPP)?
The goals a business pursues when it focuses on ethical and environmental responsibilities instead of pure profit.
What are ethical or social objectives?
The act of expanding a business by setting up operations in other countries.
What is internationalization or globalization?
The joining of two firms in the same industry but at different stages of production.
What is a vertical integration?