The Business Framework
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?- Created by: 12c.boeshartthomas
- Created on: 11-05-15 11:25
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- The Business Framework
- Why do Businesses start?
- Motives
- profit
- Personal Satisfaction
- Need a challenge
- Provides a job
- Legacy
- Enterprise- Process by which new businesses are formed.
- Entrepreneur- a person who have an idea and develop by setting up a business.
- Factors of Production
- Capital
- Labour
- Enterprise
- Land
- Functions of an Entrepreneur
- Take risk
- Show initiative
- Be innovative
- Find and combine human, physical and financial resources
- Motives
- Business Functions
- Key Functions
- Finance
- Responsible for money coming in and out of the business.
- Administration and ICT
- Responsible for the paperwork side of the business.
- Human Resources
- Responsible for calculating the number of staff required.
- Marketing
- Responsible for establishing the potential demand and making customers aware.
- Operations
- Responsible for the production of the product.
- Finance
- Functional Variation
- Size and scale
- Activities of business
- Preference of owner
- Needs of customers
- Type of customers
- Key Functions
- Business Aims and Objectives
- Mission Statement- brief representation of the objectives a business or organisation has.
- Aim- long term goals of the business.
- Sales growth
- Expansion
- Survival
- Customer satisfaction
- Profit maximisation
- Providing a service
- Importance of aims
- To provide focus and direction
- To ensure everyone has a common aim
- To allow businesses to develop their objectives
- Objectives- stated measurable targets of how to achieve its aims.
- SMART objectives
- S- Specific
- M- Measurable
- A- Achievable
- R- Realistic
- T- Time specific
- SMART objectives
- Why do Businesses start?
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