Buildings and fashion
What is a structure that only has one owner called?
Sole trader
What is a labour resource?
Someone who conducts the work within a business, usually an employee
What is an example of a legal support service?
A lawyer
SWOT
What does CSR stand for?
Corporate Social Responsibility
What is a bricks and mortar business?
A business that only has a physical presence
What are the two resources used by a business?
Natural labour or capital
What is bootstrapping? Include an example
Finding ways to save money for your business without support from others e.g. working from your home so you don't pay rent
Which parts of SWOT are internal and external?
Internal - strengths and weaknesses
External - opportunities and threats
It is when a business goes above and beyond its legal requirements and aims to create a better environment both internally and externally to the business
What is the difference between limited and unlimited liability?
Limited liability means business cover debts without their personal finances being used
Unlimited liability means owners have to cover debts with their own personal finances
What is a positive or purchasing an already existing business and a negative of creating a new business
Positive - instant profit and trained staff
Negative - costs a lot and not confirmed success
What is something a business owner needs to consider if someone wants to invest in their business?
Are they willing to lose some of the control for their business because they will most likely want to own part of it
What is a business plan?
A business plan is a document that shows what your business objectives are and how you plan on achieving them
Give 2 examples of how a business can be corporately socially responsible
Better wages
Recycling materials
Not discriminating
What is the difference between a franchiser and a franchisee?
Franchiser is the owner of the business whereas franchisee is a person who is given permission to represent part of the business by running a part of it
If you are a retailer business, what are 2 things you need to consider about your location?
Explain how technological support services assist a business
Tech support helps keep the businesses production running, if they do not have machinery that works it slows down their ability to complete tasks and create products or provide a service
Why is it good for a business to have a business plan?
It can help employees and employers see what decisions are made and what their goals are. It can also help get businesses financial support because they are clearly showing what they aim to achieve
How does corporate social responsibility link to business plans?
Business plans with include CSR strategies to show how they are trying to improve their business and positively impact those around them. In their business plan they will show the steps they are taking to be a better business for the environment
What is a positive and negative of a public listed company and a private limited company
Public - ADV - Anyone can buy shares meaning more possibility for revenue, limited liability
DIS for both - Expensive to start up and time consuming
Private - ADV - Can choose specifically who is investing in your business, limited liability
Why would a business want a complementary business near them when they choose their location?
Complementary businesses can allow for more sales because you provide something that they also need e.g. Doctors and pharmacists
Financial support services are people who usually assist in documenting and control the financial situation of a business e.g. accountant with calculating spending WHEREAS sources of finance are strategies that provide you with actual money to keep your business afloat and running
Both help a business run however they are different because one organises the finance whilst one supplies the finance
What are the 4 features of a business plan?
Operations Planning
Financial Plans
Marketing Plans
ADV - Better business reputation, happier employees because they work for a business that cares
DIS - Usually expensive to do, time consuming, may not actually be seen in a positive light