business studies chap 3
enterprise business growth and size
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business studies chap 3 - Leaderboard
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| 🇬🇧 | 🇬🇧 |
| Entrepreneur | A person who organises, operates and takes the risk for a new business venture |
| Advantages of an entrepreneur | Independence able to choose how to use time and money able to use own ideas into practice may become famous and successful if the business grows income maybe higher than working as a employee able to make use of personal interests and skills |
| Disadvantages of being an entrepreneur | Risk- many fail being an entrepreneur especially if there is poor planning capital - have to use your own money into the business and possibly find other sources of capital lack of knowledge and experience in starting and opening a business opportunity cost- lost income from not being an employee of another business |
| Characteristics of successful entrepreneurs | Hard worker risk taker creative optimistic self-confident innovative independant effective communicator |
| Why governments support startups | Reduce unemployment - new businesses often create new jobs to help reduce unemployment increase competition - new businesses give consumers more choice and compete with already established businesses increase output - the economy benefits from increased output from goods and services benefit society - entrepreneurs may create businesses to benefit the society other than jobs and profit(charity) can grow further - all businesses start out small so by the government helping firms today they may be helping firms that grow and become large in the future |
| What support do governments often give to start-up businesses | Business idea and help |
| Business plan | Is a document containing the business objectives and important details about the operation, finance and owners of the new businesses |
| Capital employed | Is the total value of capital used in the business |
| Internal growth | Occurs when a business expands its existing operations |
| External growth | Occurs when a business takeover or mergers with another business |
| Integration | When one firm is integrated into another one |
| Merger | Occurs when the owners of 2 businesses agree to join their firm together to make one business |
| Takeover acquisition | Occurs when one business buys out the owners of another business which then becomes part of the predator business (the firm which has taken it over) |
| Horizontal integration | Occurs when one firm takes over or merges with another one in the same industry at the same stage of production |
| Vertical integration | Occurs when one firm takes over or merges with another one in the same industry but different stage of production this can be forward or backward |
| Conglomerate integration | Occurs when one firm merges with or takes over a firm in a completely different industry this is also known as diversification |