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Business
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an organisation or system where goods and services are exchanged for one another or for money
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Entrepreneur
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a person(s) who sets up their own business
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Enterprise/Firm
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a business or a company
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Social Enterprise
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an activity that achieves a reward for society
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Gap In The Market
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an unmet customer need or a group of potential customers who are not yet purchasing a good or service
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Market
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the way buyers and sellers are brought together
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Mass Market
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a large market; a product/service aimed at a wide range of people
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Niche Market
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a small, specialised market; a product/service aimed at a small group of people
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Franchise
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when one business (see Franchisor) gives another person or business (see Franchisee) the right to trade using its name to sell its products or provide its services
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Franchisor
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the company that allows an individual (see Franchisee) to run a location of their (the franchisor’s) business
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Franchisee
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someone who buys and runs a location of a franchise
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Stakeholder
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anyone who has an interest (or stake) in a business
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Primary Stakeholder
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essential to the success or failure of the business (e.g.: customers)
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Secondary Stakeholder
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feel they are involved in the organisation’s future (e.g.: pressure groups)
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Internal Stakeholder
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people who’re already committed to serving your organisation (e.g.: board members)
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External Stakeholder
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individuals or groups from outside that’re affected by the consequences and outcomes of an organisation’s decisions (e.g.: suppliers)
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Sole Trader
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a person who is the only owner of a business, entitled to keep all profits after tax has been paid but liable for all losses (unlimited liability)
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Partnership
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a legal form of business operation between two or more individuals who share management and profits
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Private Limited Company (Ltd)
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can only have between 2 – 50 members; shares are sold privately among family/friends/colleagues/etc
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Public Limited Company (Plc)
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has shares that can be publicly traded on a stock market
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Dividend
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the share of the profit that shareholders get from a company
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E-Commerce
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the buying and selling of goods and services over the Internet; also for advertising
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Website
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a location connected to the Internet that maintains web pages
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Lower risk option
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Already established
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Recognised brand
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National advertising and promotion
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Tried and tested
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Set up and running costs can be high
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Damage to brand reputation
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Reliant on others
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Less independence in decision making
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Shared profit
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Responsible for all debts
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Must pay off debts using own money
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May have to sell house/car in order to pay debts off
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Means that investors can only lose money they've invested and no more
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Cannot lose their personal possessions if the business goes into liquidation
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Owners only lose the money they invested in the business
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Labour costs
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Availability of land
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Labour skills
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Financial help
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Close to customers/market
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History and tradition
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Transport links
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opportunity to compete with large companies
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sell products in online and mail-order services
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upsurge forcing businesses to sell online as well
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Survival
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Profit
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Growth (including employees)
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Increase market share
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Break even
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Brand awareness/recognition
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Popularity
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Cheatography n. The art of mapping complex subjects into clear, instantly navigable reference guides.
