________: someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using "entrepreneurial talents "such as risk- taking and innovation.
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Desire
________ for independence- some people do not like the idea of being told what to do.
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Secondary
________ sector business activity: firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction.
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Entrepreneur
________: someone who takes the financial risk of starting and managing a new venture.
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Primary sector business activity
________: firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms.
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Business
any organization that uses resources to meet the needs of customers by providing a product/service that they demand
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Consumer goods
physical and tangible goods sold to the general public
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Examples of durable consumer goods
cars, washing machines
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Examples of non durable consumer goods
food, drinks, sweets
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Consumer services
non tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys
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Capital goods
physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles
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Primary sector business activity
firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms
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Secondary sector business activity
firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction
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Tertiary sector business activity
firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications
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Quaternary sector business activity
focused on information technology (IT) businesses and information service providers such as research and development, business consulting and information gathering
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Desire for independence
some people do not like the idea of being told what to do
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Entrepreneur
someone who takes the financial risk of starting and managing a new venture
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Intrapreneur
someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using "entrepreneurial talents" such as risk-taking and innovation
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Business plan
written document that describes a business, its objectives and its strategies, the market it is in and its financial forecasts
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Business
Any organization that uses resources to meet the needs of customers by providing a product/service that they demand
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Consumer goods
Physical and tangible goods sold to the general public
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22
Consumer services
Non tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys
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Capital goods
Physical goods that are used by industry to aid in the production of other goods and services such as machines and commercial vehicles
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Human resource management (HR), finance and accounts, marketing and operations management
4 business functions
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Primary sector business activity
Firms engaged in farming, fishing, oil extraction and all other industries that extract natural resources so that they can be used and processed by other firms
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26
Secondary sector business activity
Firms that manufacture and process products from natural resources, including computers, brewing, baking, clothing and construction
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27
Tertiary sector business activity
Firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications
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28
Quaternary sector business activity
Focused on information technology (IT) businesses and information service providers such as research and development, business consulting and information gathering
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Entrepreneur
Someone who takes the financial risk of starting and managing a new venture
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Intrapreneur
Someone within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through using "entrepreneurial talents" such as risk-taking and innovation
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31
Business plan
Written document that describes a business, its objectives and its strategies, the market it is in and its financial forecasts
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32
Competition; lack of record-keeping; lack of finance and working capital; poor management skills; changes in the business environment
5 problems faced by start-ups when starting a business
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