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SECTION 1: WHAT IS A BUSINESS - Coggle Diagram

- - - - the overall path that an enterprise intends to follow to achieve its goals and objectives
    - - FUNCTIONAL STRATEGIES
        
        he actions and goals assigned to various departments that support your business level strategy and corporate level strategy
      - marketing, human resource, operations, finance
- - - - simple and cheap to set up with few legal formalities
      - the owner receives all profit
    - - the owner is likely to be short of capital for investment and expansion
  - - - shareholders benefit from limited liability - better opportunity for investment if there is less risk
      - company benefits from seperate legal identity
    - - private limited companies cannot sell stocks on the stock exchange
  - - - stock exchange quotation offers access to large amounts of capital
    - - emphasis placed on short term financial gain
  - - - police, fire services, ambulance, BBC, NHS, rubbish collection
    - - coal, steel, water, telecomunications
  - - - between them partners may have a wide range of skills and knowledge
      - partners are able to raise a greater amount of capital
    - - control is shared between the partners
      - arguments are common