Business mindmap section 1

business activity


Types of business organisation

Business objectives and stakeholder objectives


needs wants scarcity and opportunity cost

specialisation

purpose of business activity

adding value and how added value can be increased

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

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

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