Shared Flashcard Set

Details

AS Business Studies (AQA) Flash Cards
Unit 1 : Planning and Financing a business
18
Business
Not Applicable
11/01/2012

Additional Business Flashcards

 


 

Cards

Term
Name the entrepreneurs responsible for: Virgin, Apple and Microsoft
Definition
Richard Branson
Steve Jobs
Bill Gates
Term
Whats the meaning of the word enterprise?
Definition
A company or firm who bring goods/services to a market and sells them to customers.
Term
What is the meaning of the term 'entrepreneur'?
Definition
An entrepreneur is a person who has set up one or more business taking financial risks in the hope of a reward.
Term
Name 5 key characteristics of an entrepreneur
Definition
Resilience
Calculated Risks
Ambition
Innovative/Creative
Hard Work
Term
Name two well-known television programs that encourage enterprise?
Definition
Dragon's Den
The Apprentice
Term
What is a social enterprise?
Definition
Businesses in which use business skills in order to solve social or environmental problems.
Term
What is a comparative advantage?
Definition
A comparative advantage is an advantage in which a business product/service has over it's competitors.
Term
Name the main factor which could lead to the failure of a new business
Definition
Lack of Finance
Term
Describe what is meant by an opportunity cost
Definition
The benefit that is lost when making a particular choice between two competing choices.
Term
What is the definition of 'taking a calculated risk'?
Definition
A risk that has been given thoughtful consideration and for which the potential costs and potential risks have been weighed and considered.
Term
What percentage of businesses fail within the first 2 years?
Definition
95% of business fail within 2 years
Term
What are the main risks involved in a new business?
Definition
Unexpected costs
Wrongly anticipated sales revenue
Failure to secure distribution
Term
What is an 'unexpected cost' and give 3 examples?
Definition
An unexpected cost is an expense in which a business may incur that could not be planned. Examples of these include: Fire, Failure to Pay, Machinery Malfunction.
Term
Why could sales revenue be smaller than anticipated?
Definition
Poor market research
Rival Company
Term
What is the main aim of a new business?
Definition
To survive and to break even.
Term
Definition of a business reward
Definition
Something in which a business men, or entrepreneur, hopes to gain from setting up a business.
Term
What rewards might an entrepreneur gain?
Definition
Self Satisfaction
Being in control
Expansion
Reputation
Profit
Supporting users have an ad free experience!