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Business mindmap section 1 (Enterprise, business growth and size…
Business mindmap section 1
business activity
needs wants scarcity and opportunity cost
specialisation
purpose of business activity
adding value and how added value can be increased
Types of business organisation
Sole traders, partnerships, private and public limited companies, franchises and joint ventures
Differences between unincorporated businesses and limited companies
Concepts of risk, ownership and limited liability
Business organisations in the public sector, e.g. public corporations
Business objectives and stakeholder objectives
Need for business objectives and the importance of them
Different business objectives, e.g. survival, growth, profit and market share
Objectives of social enterprises
Main internal and external stakeholder groups
Objectives of different stakeholder groups and how they might conflict
Differences in the aims and objectives of private sector and public sector enterprises
Classification of businesses
Primary, secondary and tertiary sectors
Reasons for the changing importance of sectors
Private sector and public sector in a mixed economy
Enterprise, business growth and size
Characteristics of successful entrepreneurs
Contents of a business plan and how business plans assist entrepreneurs
Why and how governments support business start-ups, e.g. grants, training
Methods of measuring business size and limitations of each
Why the owners of a business may want to expand the business
Different ways in which businesses can grow
Problems linked to business growth and how these might be overcome
Why some businesses remain small
Causes of business failure, e.g. lack of management skills, changes in the business environment
Why new businesses are at a greater risk of failing