starting a business 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: darciharrisonCreated on: 17-04-17 21:19 Entrepreneur Someone who is willing to take the risks involved in starting a business 1 of 16 Types of businesses Classified in terms of stage in production process 2 of 16 Franchise Occurs when a franchiser sells an existing business idea to a franchisee e.g Mcdonalds 3 of 16 Market share This is indicated by the sales of one product compared to the total market sales 4 of 16 Objective Is something for a business to achieve in the short term. 5 of 16 Aim Is something for a business to achieve in the long term 6 of 16 Stakeholders Are individuals and organisations that are effected by and effect the activities of business e.g owners, suppliers, customers etc 7 of 16 Business plan Is a document setting out what the business does at present, plus what it intends to achieve in the future and how this will be accomplished. 8 of 16 Business planning Is the process of creating a business plan 9 of 16 Sole trader Is an individual who set up business on his/her own 10 of 16 Deed of partnership Is an arrangement between partners that sets out the rules of the partnership e.g how profits will be divided 11 of 16 Market research The process of gathering, analysing and presenting data relevant to marketing 12 of 16 Primary market research Involves gathering, analysing and presenting data that hasn't been gathered before 13 of 16 Secondary market research Involves gathering, analysing and presenting data that has been added before 14 of 16 Unlimited Liability where owners possessions are at risk and can be used to pay debts owed by the business 15 of 16 Limited liability where debts owed by a business can only be payed using business assets 16 of 16
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