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Definition
| A business that sells goods or services |
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| Resources needed to start a business |
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| List the factors of production |
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Definition
- Land
- Capital
- Labour
- Entrepreneurship |
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| The consumers' opinion of the importance & worth of a product |
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| The unique selling point of a product |
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| The financial, social & environmental objectives of a business |
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| They bring together the resources needed, takes the risk, have the time and money to start the business |
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| 4 characteristics of an entrepreneur |
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Definition
-Determined
-Risk-taking
-Opportunist
-Organised |
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| 4 things that entrepreneurs need to have |
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Definition
-Have an idea for a new business
-Invest their own money
-Accept the risk of failure
-Take responsibility to run the business |
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| Financial objectives (TBL) |
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Definition
-Make profit
-Reinvest profits
-Return a profit to shareholders |
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-Provide jobs
-Help the local economy
-Contribute towards the local economy |
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| Enviromental objectives (TBL) |
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| Protect the environment and manage the business in a sustainable way |
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| Affects of financial objectives on a countries economy |
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Definition
-Employment (Increases profit)
-Social (Nicer place)
-Economic growth (Increases GDP)
-Exports (Sending products to countries) |
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| Why do some businesses succeed? |
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Definition
-Good understanding of customer needs
-Effective management of operations
-Flexible decision making to adapt to new situations
-Appropriate and sufficient sources of finance |
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| Why do some businesses fail? |
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Definition
-Poor record-keeping
-Lack of cash
-Poor management |
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Term
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| A businesses employee who takes direct responsibility for turning an idea into a profitable new product or venture |
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