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Unit 1 - Business Studies (Business planning (Aims & Objectives…
Unit 1 - Business Studies
The role of business enterprise and entrepreneurship
Starting a business
Profit
Breaking even
Making more than the year before
Innovation
New market and products
New areas of business/location
Determination
Motivation
Will Power
Knowledge and Understanding
Knowledge of an industry
Contacts
Competition
Risks and Reward
Investment
Buying out companies
Buying shares and stocks
Business planning
Less room for unintentional risk
Aims & Objectives
Annual goals
Marketing plans
Advertising schemes
Production plan
Plan of action for the year
Finance plan
Annual reports from the 'companieshouse' website
Business ownership
Sole trader
Unlimited liability
Complete control over the business
Private Limited Company
Must send full accounts at the end of every year
Limited Liability
Public Limited Company
Can sell stocks to the public
More public attention and advertisement
Partnership
From 2 to 20 people
Unlimited liability
Business aims and objectives
Profit
Making more profit than the year before
Growth
New markets
New areas of business
New people introduced
New competition
Innovation
New products introduced
Objectives
Set goals to achieve
Motivate workers for reward
Give a significant purpose for the year
Stakeholders in business
Internal stakeholders
Employees
Suppliers
Owners
External stakeholders
Shareholders
Communities
Government
Tax
Business growth
Organic growth
Growth that is developed from the products
Horizontal growth
More 'worker bees' and less executive titles
Vertical growth
Directors, ownership and shareholders
Expansion
More places of business