front 1 Business Plan | back 1 A document setting out a business's objectives and how it will achieve them |
front 2 Start Up | back 2 A new business |
front 3 Internal Growth | back 3 Business expansion without taking over or merging with another business (organic growth) |
front 4 External Growth | back 4 Business expansion taking over or merging with another business ) |
front 5 Sole Trader | back 5 "A business owned by one person who is responsible for all decisions, capital invested and risk." |
front 6 Partnership | back 6 "Two or more people join to set up a business. Shared decision making, capital invested and risk." |
front 7 Private Limited Company | back 7 Incorporated business with shares sold to friends and family. Limited liability. |
front 8 Public Limited Company | back 8 Incorporated business with shares sold to general public. Limited liability. |
front 9 Joint Venture | back 9 Two companies share capital and expertise on a project. Share risks and profits. |
front 10 Franchise | back 10 Buying the license to use another companies logo and sell their products. |
front 11 Unincorporated Business | back 11 No separation between the company and the owners in law |
front 12 Incorporated Business | back 12 Business is a separate legal entity - separation between owners and the company |
front 13 Limited Liability | back 13 Owners responsibility for company debts restricted to what they have invested |
front 14 Unlimited Liability | back 14 Owners personal assets may be taken to pay for debts of the company. |
front 15 Public Corporation | back 15 Government owned organisation set up to provide service to the public |
front 16 Business Objectives | back 16 Aims or targets a business sets out to achieve |
front 17 Social Enterprise | back 17 private enterprise which uses profits to persue environmental or social objectives |
front 18 Internal Stakeholders | back 18 Individual or group inside the business impacted by the business activity (owners/shareholders, managers, employees) |
front 19 External Stakeholders | back 19 person or group outside the business impacted by the business activity |
front 20 Grant | back 20 capital given by a government to a business to assist with start up costs, innovation or business growth |
front 21 Triple Bottom Line, | back 21 Business objectives not just based on profit, but also social and environmental objectives |
front 22 Co-operative, | back 22 business, or other organization which is owned and run jointly by its members, who share the profits or benefits. |
front 23 Corporate Social Responsibility, | back 23 businesses who take responsibility for the social and economic impact of their activity |
front 24 Business ethics, | back 24 “Doing the right thing” basing business decisions on what is morally right |
front 25 Mission Statement, | back 25 A mission statement is a visionary aim for a business of the direction/purpose |
front 26 Purpose of Business Activity, | back 26 Business satisfies peoples (consumers) wants |
front 27 Opportunity Cost, | back 27 the potential benefits a business misses out on when choosing one alternative over another. |
front 28 Value Added, | back 28 Selling price - cost of bought in materials |
front 29 Primary Sector, | back 29 Using natural resources to make raw materials for business |
front 30 Secondary Sector, | back 30 Manufacturing goods from raw materials |
front 31 Tertiary Sector, | back 31 Services to consumers and other businesses (B2B) |
front 32 Public Sector, | back 32 Part of the economy owned and controlled by the government |
front 33 Private Sector, | back 33 Part of the economy owned and controlled by private individuals |
front 34 Entrepreneur, | back 34 Someone who invests capital, takes a risk and starts up and operates a new business venture |