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unprocessed items used in the operations process

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Workers or human labour

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man made items used in the process of production

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3 Factors that affects business' decision when resourcing

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3 Factors that affects business' decision when resourcing

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- reliability, quality, social responsibility

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- employing staff w/ appropriate skills
- monitoring staff turnover
-training staff

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A business wanting high visibility would locate in a prime shopping area, e.g. clothing stores in a shopping centre.

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cost relates to leasing, cost of production, cost to distribute /transport goods to its customers,...
Business owner should be confident of generating sufficient business to justify the higher cost.

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-demographic shits in an area
-changes in fertility rate, aging population...

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-locate close to the customers & suppliers
-minimize costs of transportation (especially for manufacturing businesses); provide convenience for customers while enhance visibility (especially for retail businesses)

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-it is primarily an issues for retailers and service providers
-being the first to establish a particular type of business increase the chances of success

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How To Tell if You Should Buy an Existing Business or Start a New Business

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Points to consider include:

Assessment of the population in regard to its age patterns, incomes, interests, ethnicity, education levels, etc.

This will give an indication if there are sufficient potential customers in the area. It must be ascertained whether a sufficient percentage of the population in an area matches the customer profile of the business in order to ascertain whether the market will be viable.

The products being offered for sale must also match the demographics of the location.

e.g., a store selling high-end designer handbags would not be suited to a less-affluent area.

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Complementary businesses offer products or services that are aimed at the same customers.

The proximity of complementary businesses can assist in bringing customers to a new business.

A pharmacy and a doctor’s surgery are other examples of complementary businesses.

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terms of finance
- Using short term loans for long term investment is not suitable.

the business structure
-
overall cost
-
flexibility
-
level of control

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Finding the Right Business Structure | John Deere Financial

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Labour; work done by people
Natural; naturally occuring things needed to run a business
Capital; Things needed to make the good or service that the business is selling.

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Different types of business will be suited to different locations. The business owner must consider a number of factors when determining the most appropriate location for their particular business.

Visibility

Cost

Proximity to customers

Proximity to suppliers

Proximity to competitors

Complementary businesses

Area demographics

Economic and social trends

Personal factors

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-establishing a new business: establish a completely new concept, fit in the gap of the market; allows business owners to have more control and creativeness over the business, as well as the chance to generate their own reputation
-purchasing existing business: purchaser has to know why the business is for sale; should examine detailed accounts to determine the financial health

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financial institutions
retailers
suppliers
bootstrapping
loans
crowdfunding
Fiance companies
Family and friends
Private investors
Venture capitalists
Stock market
Overdraft facility
Commercial hire purchase

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Sole trader
partnership
private limited company
public listed company

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online business
eg : ASOS, The Iconic

bricks & mortar business
-eg: JB-HI-FI

Social enterprise
- eg. JC Denim
- undermine the sex trafficking trade one pair of denim jeans at a time , when you buy a pair u giving money to the pockets of Cambodians

franchise

adopting business model that he created and run by franchise owner/buyer)

There's a brand, support, controlled by franchisor

importer & exporter

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legal; Lawyers
financial; Accountants
technological;  technology consultants
community-based; fostering business development
formal and informal networks; informal networks can be among friends or people with common interest, formal is more standardised
business mentors; mentors to business owners who provide advice and support

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A long-term, strategic planning tool.

strength
weaknesses
opportunities
threats

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If the business runs into financial difficulties, then the owner is responsible for all business debts.

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Pros and Cons of establishing a new business 

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Pros and Cons of establishing a new business 

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Cons

-Slow startup periods; no profit
-New assets must be purchased
-Attracting new customers
-Existing Competition
Pros
-Cost is higher to establish new business
-More Freedom in operation
-Reputation can be generated
-Can satisfy a gap in the market

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Costs and Benefits of purchasing existing business 

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Costs and Benefits of purchasing existing business 

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Purchasing an existing business is cheaper than purchasing a new business and a new business can involve construction costs. Benefits of purchasing an existing business is the supply chains are already set up and the existing business has an existing reputation where as a reputation would need to be built with a new business

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Advantage of being a sole trader (4 points)

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Advantage of being a sole trader (4 points)

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Disadvantage of being a sole trader (4 points)

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Disadvantage of being a sole trader (4 points)

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Personal (unlimited) liability for business debts

End of business when owner dies

Difficult to operate if sick

Need to carry all losses

Burden of management

Need to perform wide variety of tasks

Difficulty in raising finance for expansion

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Low start-up costs

Less costly to operate than a company

Shared responsibility and workload

Pooled funds and talent

Minimal government regulation

No taxes on business profits, only on personal income

On death of one partner, business can keep going.

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Disadvantage of a partnership (4 points)

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Disadvantage of a partnership (4 points)

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Personal unlimited liability

Liability for all debts, including partner's debts, even before the partnership has begun

Possibility of disputes

Difficulty in finding a suitable partner

Divided loyalty and authority

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Assembly line robots

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timber

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Advantages & disadvantages of a public-listed company

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Advantages & disadvantages of a public-listed company

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Easier to attract public finance

Limited liability - separate legal entity

Easy transfer of ownership

A long life --- perpetual succession

Experienced management ---board of directors

Greater spread of risk

Company tax rate lower than personal income tax rate

Growth potential

As per recent legislation, ability to have only one shareholder and one director.

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Many shopping centers in new suburbs contain homemaker centers with electrical and furniture stores, bedding stores, hardware... aimed at people building new homes.

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Advantages & disadvantages for a private company

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Advantages & disadvantages for a private company

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Double taxation --- company and personal

Personal liability for business debts if directors knew all the time that the business could not pay loans

Requirement to publish an annual report of audited accounts

Public disclosure --- reporting of certain information

Too much growth, resulting in inefficiency

Cost of formation

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-exist solely on the internet
-increased accessibility of the internet ==> an opportunity for the entrepreneurs
-reach customers across the globe via internet, avoid expenses

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Advantages of online business (4 points) 

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Advantages of online business (4 points) 

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Disadvantages of online business (4 points)

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Disadvantages of online business (4 points)

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-franchisor
-franchisee

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pros & cons of Brick & Mortar models (6 points)

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pros & cons of Brick & Mortar models (6 points)

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Not dealing with customers face-to-face

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(refer to Chapter 1.1.2, motivation, fulfill of social need)

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Name one person you can go to for professional financial support, what does this person do?

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Name one person you can go to for professional financial support, what does this person do?

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Financial institutions such as banks, building societies and credit unions offer a range of finance products for both short- and long-term finance solutions.

some products the offer include business loans, lines of credit, overdraft facilities, invoice financing, equipment leases and asset financing.

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Give 2 examples for each area of the SWOT analysis

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Give 2 examples for each area of the SWOT analysis

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Strengths - Competitive advantage, Best features

Weaknesses - If staff are qualified enough, areas that competitors have an advantage

Opportunities - Tax reduction, foreign investments

Threats - New competitors, Loss of key employees

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-identify areas of the business that impact the most on the environment
-what action to take that can contribute to improve the environment
-act accountable to third parties, e.g. government, customers, shareholders/owners

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The functions of environmental audit are...

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The functions of environmental audit are...

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-assess how to manage / improve the condition of the environment
-priorities what actions can be taken to reduce the impact on the environment
-demonstrate accountability to third parties such as government, customers and shareholders or owners
It helps a business to:
-find the areas of the business that impact the most on the environment
-is an effective risk management tool to check how effective business is acting on accordance with environmental regulations

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STRENGTHS, WEAKNESSES, OPPORTUNITIES, THREATS
A long term strategic planning tool
-Assesses potential risks and opportunities
-Recognizing strengths and weaknesses
-Evaluates and adjusts strategies

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Why companies have to construct formal Business plan?

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Why companies have to construct formal Business plan?

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-defines the goals and direction; maps out
-review and refine

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What is Corporate Social Responsibility (CSR)?

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Advantages of buying into a franchise (4 points)

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Advantages of buying into a franchise (4 points)

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Disadvantages of buying into a franchise (4 points)

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Disadvantages of buying into a franchise (4 points)

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- attracts customers as they can buy stuff online
- everything can be done from home
- store will be open 24/7
- no need to pay for a brick and mortar store