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Internal finance- When a firm uses its profits as a source of capital for new investment, rather than  distributing them to firm's owners or other investors and obtaining capital elsewhere.

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External finance- External finance are funds raised outside of the company. This would include bank loans, or

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Sales Maximisation - When a business try's to sell as many products as possible, not concentrating on the profit, but solely on the amount of products sold.

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Goods - tangible and physical products that can be physically touched (e.g. Soap)
Commodities - raw materials that are used to produce something
Service - non-physical, intangible products that cannot be physically touched (e.g. haircut)

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Market Mapping:
Market mapping is when an entrepreneur has identified an appropriate segment of the market to target and must position their product so that it meets the wants and needs of their target customers.

Examples of a market map would be High price vs Low price or Basic quality vs High quality.

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Capital is the money or wealth needed to produce goods and services (basically money).  Businesses must have capital in order to purchase assets and maintain their operations.

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Unlimited liability is where you are liable for all business debts if the business can't pay its liabilities. This could potentially lead to your car or any other assets being taken away from you to fulfil your debts. Both sole traders and partnerships have unlimited liability.

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Private Limited Company
A company with limited liability also Shareholders are not allowed to sell or transfer shares of the company without first offering them to other shareholders, and shares may not be traded through a public exchange.

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Profit Satisfaction- This is where the owner works to make a profit that satisfies them. As an owner they arn't worried about maximising the profit to the maximum ,they only make the amount of profit that meets their presonal needs. E.g the owner could only open their business twice a week if it their happy with the profit being made.

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Profit Maximization
This is when you do everything yo can maximize you profits. E.g. if you are a sole trader would would work every day of the week rather than having a day off in order to maximize your profits .

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Partnerships exist when two or more people start a business without forming a company. Like a sole trader, the individuals have unlimited liability for any debts run up by the business.

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Geographical mapping-plotting on a map the location of all the existing businesses in your market, on order to show where all your competitors are.

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Opportunity Cost:
This refers to a benefit that a person could have received, but gave up, to take another action. It represents an alternative given up when a decision is made.

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A Soletrader is a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

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Business Objectives are the goals set for the business as a whole, also known as corporate objectives. They derive from the mission and aims set by the directors.

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An entrepreneur is an individual who has set up and runs a business showing a willingness to undertake new ventures and the risks associated with it.

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A mission statement is a short, powerfully expressed sentence or two that expresses a businesses aims. The statement is often decided by a boss or board of directors. E.g. Starbucks mission statement is "to inspire and nurture the human spirit - one person, one cup and one neighborhood at a time."

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An Intrapreneur has personal characteristics of an entrepreneur but works within a big organisation. The characteristics are showing initiative, willingness to undertake new ventures and the ability to ta

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Limited liability means a business has to pay its debts with only with the amount they invested into the company. E.g. If Mr Ennion and I started up a business with the initial investment of 50p each we would only have to pay back 50p each even if we got into debt of £

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Franchise is a business model in which the franchisor sells the right to trade under its name or sell its products or services to the franchisee, eg, costa coffee

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A Public Limited Company is a limited company whose shares may be freely sold and traded to the public, with a minimum share capital of £50,000.