BS Unit 1.1: Starting a Business Cheat Sheet by EAW-BS (BullShit Help) via cheatography.com/55737/cs/14815/ Topic 1.1: Starting A Business - Definitions Business an organisation or system Topic 1.1: Starting A Business - Definitions Topic 1.1: Starting A Business - Definitions (cont) (cont) where goods and services are Stakeh‐ anyone who has an interest exchanged for one another or older (or stake) in a business shareholders get from a for money Primary essential to the success or company Entrep‐ a person(s) who sets up their Stakeh‐ failure of the business (e.g.: E- the buying and selling of reneur own business older customers) Commerce goods and services over the Enterpris‐ a business or a company Secondary feel they are involved in the e/Firm Stakeh‐ organisation’s future (e.g.: Social an activity that achieves a older pressure groups) Internet that maintains web Enterprise reward for society Internal people who’re already pages Gap In an unmet customer need or a Stakeh‐ committed to serving your The group of potential customers older organisation (e.g.: board Advantages Of Franchising Market who are not yet purchasing a members) Lower risk option Already established Market good or service External individuals or groups from the way buyers and sellers Stakeh‐ outside that’re affected by the older consequences and outcomes are brought together Mass a large market; a product/s‐ Market ervice aimed at a wide range of people Niche a small, specialised market; a Market product/service aimed at a of an organisation’s decisions (e.g.: suppliers) Sole a person who is the only Trader owner of a business, entitled small group of people Franchise when one business (see Franchisor) gives another person or business (see using its name to sell its products or provide its services Franchisor the company that allows an individual (see Franchisee) to run a location of their (the franchisor’s) business Franchisee someone who buys and runs a location of a franchise the share of the profit that Internet; also for advertising Website a location connected to the Recognised brand National advertising and promotion Tried and tested Disadvantages Of Franchising to keep all profits after tax has Set up and running costs can be high been paid but liable for all Damage to brand reputation losses (unlimited liability) Partne‐ a legal form of business rship operation between two or more individuals who share Franchisee) the right to trade Dividend management and profits Reliant on others Less independence in decision making Shared profit Unlimited Liability Private can only have between 2 – 50 Limited members; shares are sold Company privately among family/frien‐ Must pay off debts using own money (Ltd) ds/colleagues/etc May have to sell house/car in order to pay Public has shares that can be debts off Limited publicly traded on a stock Company market (Plc) Responsible for all debts Limited Liability Means that investors can only lose money they've invested and no more Cannot lose their personal possessions if the business goes into liquidation Owners only lose the money they invested in the business By EAW-BS (BullShit Help) Published 21st February, 2018. Sponsored by Readable.com cheatography.com/bullshit- Last updated 6th March, 2018. Measure your website readability! help/ Page 1 of 2. https://readable.com BS Unit 1.1: Starting a Business Cheat Sheet by EAW-BS (BullShit Help) via cheatography.com/55737/cs/14815/ Things To Think About When Moving Locations Labour costs Availability of land Labour skills Financial help Close to customers/market History and tradition Transport links The Internet Factor opportunity to compete with large companies sell products in online and mail-order services upsurge forcing businesses to sell online as well Objectives Survival Profit Growth (including employees) Increase market share Break even Brand awareness/recognition Popularity By EAW-BS (BullShit Help) Published 21st February, 2018. Sponsored by Readable.com cheatography.com/bullshit- Last updated 6th March, 2018. Measure your website readability! help/ Page 2 of 2. https://readable.com
