Business definitions year nine

Entrepreneur

Entrepreneur

A person who starts up a business in the hope of getting profit.

Business

The organised efforts and activities of individuals to produce and sell goods or services for financial, personal or social gain.

Operations

The transformation process in which inputs (such as raw materials or information) get transferred into outputs such as goods or services

Marketing

Where you are promoting or selling your products to advertise your business leading to a higher revenue

Finance

Is the management a revenue cost and profit within your business to make sure you are making financial gains

Human resources

Is the management of stakeholders within your business

Goods

Tangible items that are usually produced using raw materials

Services

Non-tangible products, a system supplying a public needs such as transport

Product

An umbrella term for anything that is made in operations is the output

Price

The amount of capital someone pays for a product

Place

An area where one can do work or relax or do anything businesses are usually set in places

Promotion

Advertising your products to make your company well known

Business plan

A plan setting out of businesses future goals and strategies for achieving them

Franchise

Authorisation showing that you can sell your product with branding and knowledge, you have to pay a franchise fee

Partnership

Illegal agreement between two and more entities that means the business is shared

Supplier

A person company or organisation that sells products such as goods or equipment to customers

Purchases

To acquire something by paying for it

Enterprise

A project or an undertaking it can also be another word for a business or a company

Motivation

How happy an employee is in their role

Social objective

The objectives of business has in order to be accomplished for the benefits of the society

Risk

A decision that the company makes that might lower its profits

Personal savings

The income left over after people pay tax and spend money

Trade credit

A financing option that allows businesses to purchase products and pay for them later

Mortgage

A loan agreement

Stock exchange

Where people trade in shares

Customer service

The assistance in advice given by a company to customers

USP (Unique selling point)

A unique feature of a product

Brand loyalty

The tendencies of customers to continue buying the same brand of goods

Questionnaire

A set of questions given to customers to improve a business or company

Deed of partnership

Is a policy that sets out the terms of the partnership

Unlimited liabilities

Is when business owners legally have to pay the full amount of any debt the business has

Start up

A young company founded by either one person or a group of people they are generally small business

Public Limited company (PLC)

A business that can legally share its shares to the public

Custom needs

Needs that a business have to consider such as price quality choice and convenience

Invention

A creation that no one has ever seen before

Innovation

The process of introducing new ideas into a business

Tax

A payment someone pays that goes to the government to fund other things

Dividends

A distribution of money and business gifts to its workers and shareholders

Recession

A significant downturn in the economy

VAT (Value added money)

Consumption tax added to nearly all goods and services bought and sold

Corporate tax

Attack that is paid on any corporate profit

Asset

Anything that has an economic value to a business now or in the future

Bank of England

The UK central bank

Brand

A type of product made by a specific company or under a specific name

Target market

A specific group of consumers at which a company aims its products and services.

Convenience

The ease and accessibility of obtaining a product or service, making it favorable for consumers.

SWOT analysis

A strategic planning tool used to identify the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.

What is a Public Limited Company (PLC)?

Company with private ownership

Stakeholder

A stakeholder is any individual or group that has an interest in the success or failure of a business, including employees, customers, suppliers, and investors.

What is a customer?

A customer is an individual or group that purchases goods or services from a business.

Companies

Commercial business

Limited liability

Limited liability is a legal structure that protects a business owner's personal assets from being used to settle the debts and liabilities of the business.