AS Unit 1 Business and it's Environment

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1

Business Plan

A document setting out a business's objectives and how it will achieve them

2

Start Up

A new business

3

Internal Growth

Business expansion without taking over or merging with another business (organic growth)

4

External Growth

Business expansion taking over or merging with another business )

5

Sole Trader

"A business owned by one person who is responsible for all decisions, capital invested and risk."

6

Partnership

"Two or more people join to set up a business. Shared decision making, capital invested and risk."

7

Private Limited Company

Incorporated business with shares sold to friends and family. Limited liability.

8

Public Limited Company

Incorporated business with shares sold to general public. Limited liability.

9

Joint Venture

Two companies share capital and expertise on a project. Share risks and profits.

10

Franchise

Buying the license to use another companies logo and sell their products.

11

Unincorporated Business

No separation between the company and the owners in law

12

Incorporated Business

Business is a separate legal entity - separation between owners and the company

13

Limited Liability

Owners responsibility for company debts restricted to what they have invested

14

Unlimited Liability

Owners personal assets may be taken to pay for debts of the company.

15

Public Corporation

Government owned organisation set up to provide service to the public

16

Business Objectives

Aims or targets a business sets out to achieve

17

Social Enterprise

private enterprise which uses profits to persue environmental or social objectives

18

Internal Stakeholders

Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees)

19

External Stakeholders

person or group outside the business impacted by the business activity

20

Grant

capital given by a government to a business to assist with start up costs, innovation or business growth

21

Triple Bottom Line,

Business objectives not just based on profit, but also social and environmental objectives

22

Co-operative,

business, or other organization which is owned and run jointly by its members, who share the profits or benefits.

23

Corporate Social Responsibility,

businesses who take responsibility for the social and economic impact of their activity

24

Business ethics,

“Doing the right thing” basing business decisions on what is morally right

25

Mission Statement,

A mission statement is a visionary aim for a business of the direction/purpose

26

Purpose of Business Activity,

Business satisfies peoples (consumers) wants

27

Opportunity Cost,

the potential benefits a business misses out on when choosing one alternative over another.

28

Value Added,

Selling price - cost of bought in materials

29

Primary Sector,

Using natural resources to make raw materials for business

30

Secondary Sector,

Manufacturing goods from raw materials

31

Tertiary Sector,

Services to consumers and other businesses (B2B)

32

Public Sector,

Part of the economy owned and controlled by the government

33

Private Sector,

Part of the economy owned and controlled by private individuals

34

Entrepreneur,

Someone who invests capital, takes a risk and starts up and operates a new business venture