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How does the level of liability vary between businesses? By Shivank Khare

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How does the level of liability vary between businesses? By Shivank Khare

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If your a sole trader or a partnership then you have unlimited liability. If your a private limited company or a public limited company than you have limited liability. For example : Unlimited Liability ; The sole trader can not afford to pay the debts: then when the matter is clear then the sole trader has its personal possessions removed.
Limited Liability ; The business can not afford to pay debts but then the business stops trading and employees and dismissed.

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Internal and External Stakeholders. David LIN

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Internal and External Stakeholders. David LIN

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Stakeholders are everyone within and outside an organisation who has an interest in the way that the organisation operates.
Internal Stakeholders - These are people such as Shareholders/owners, Board of Directors, managers and workers.
External Stakeholders- These are people such as competitors, suppliers, consumers, tax authorities, local government, banks, environmental groups, trade unions and the local community.

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How and why could a business attempt to grow? Mergers and Takeovers. David LIN

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How and why could a business attempt to grow? Mergers and Takeovers. David LIN

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Three reasons why a business would attempt to grow is to increase revenue products, increase the market share, and to increase profits.
However, there are afew constraints on growth such as, not having enough money, you have to keep control, and your location isn't suitable for growth.  For more information, go onto your theory workbook.
Merger - two businesses agree to join together to make one larger businesses (A+B=AB)
Takeover - one business buys control of another ( A+B=A or C

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What are the uses of a business plan by Mujtaba Imran

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What are the uses of a business plan by Mujtaba Imran

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There are 4 main uses of a business plan.
Use 1:
It shows that the business is good and it will work and how they will accomplish their aims.
Use 2:
People who want to invest money in the business for example investors or banks will know if the business is successful and the business will be able to pay them back.
Use 3:
Plans can be used by the manager to see whether the business is on track or not.
Use 4:
Banks have to see a business plan befor recieve start-up money for capital.

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What is a business plan by Mujtaba Imran

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What is a business plan by Mujtaba Imran

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A business plan is a plan that sets out what a business is going to do in a given time.

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Characteristics of a successful entrepreneur by Mujtaba Imran

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Characteristics of a successful entrepreneur by Mujtaba Imran

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The characteristics of a successful entrepenuer are: risk taker; innovative; creative; hard working; focused and determined; team player; organised; decision maker; and competent.

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What is a sole trader?
A sole trader is a  type of business where there is one person who is in charge of the business, he is responsible for his actions i.e unlimited liability because he is in charge of the business and hence liable for all losses. Furthermore, he also gains all the profit .
What is a partnership?
A partnership is a type of business where two or more people agree to share the profit and the liability of a business venture.
What is a private limited company?
A private limited company is a type of business that tends to be small such as a retailer in a market town. They are in the private sector and don't share shares on the stock market.
What is a public limited company?
A public limited company is a large and well known business. It could be a manufacturer or a chain of retailers with branches in most city centres.

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Salve, I'm Nanda aka Pringle God. My questions are: What is the purpose of a business venture? What is a market? How can businesses be classified? 

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Salve, I'm Nanda aka Pringle God. My questions are: What is the purpose of a business venture? What is a market? How can businesses be classified? 

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What is the purpose of a business venture?
The purpose of a business venture is usually to make profit. But it can also be to provide a service (non-profitable) as it is with NGOs (charities) and public sector businesses. Other purposes can be to expand the business into a new area or to diversify the business.

What is a market?
A market is the industry of which a business hopes to get the biggest share of, so they can gain profit easier and get better brand recognition. A market can appeal to a small or large number of people. This, in turn, greatly affects the max number of customers a business can have.

How can businesses be classified?
The most expansive way to classify a business is by the business' ownership. If it is owned by the government then it is in the public sector, if it is not owned by the government it is a private sector business. Then we can refer to the business' sector of production (primary, secondary, tertiary or quaternary). The government of the country the business operates in can also have an impact in the way the business is run.

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What are the key aims and objectives of a business? David LIN

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What are the key aims and objectives of a business? David LIN

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Large Firms and Small Firms have different objectives since they are different sizes.
Three Large Firm Objectives-
Profit Maximisation, Providing a service and market share would be their top priority.
Three Small Firm Objectives-
Survival, Growth and Return on Capital (see in booklet for details) would be their top priority.

There are many aims and objectives of businesses. However, there are only five main aims/objectives of a business. One of these is
Profit Maximisation. This is where a business is making the largest profit possible over a period of time to be distributed amongst some of the company's shareholders (via a dividend). Another key aim/objective is ensuring the company's long term future in a market. This is known as Survival. Furthermore, a business needs to ensure that they are increasing the company's size so that they can become more well known. this is known as Growth. Moreover, they should make sure that they are Providing a service - Achieving a satisfied and larger consumer base. Finally, a business should aim to increase the percentage of the industry controlled by the company. This is known as Market share.