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Unit 1 (Business ownership and Stakeholders (Types of business ownership,…

- - - - Profit
      - survival
      - growth
  - - - When a business gets involved with another business producing the same or similar products
    - - Joining together of firms at different stages of production
    - - When a business buys or starts other companies which sell other products
- - - - Be your own boss
      - Keep all the profit
      - Take holidays when you want to
      - Great sense of satisfaction
      - Flexibility
      - Higher motivation and morale
      - Do what you are interested in
    - - IP issues
      - Cyber attacks
      - Poor reputation
      - Financial risk
      - Employment law
      - Staff training and safety
      - operational risks
- - - - Writing down future plans makes a business more likely to spot a potential problem
    - - They may include details about insurance and financial forecasts to help reduce the risk of failure