VCE BM Unit1 AOS3 Revision by Jez F https://padlet.com/ylybcww/qdrb93oj4vvi Made with a lightning strike of genius en-us 2019-06-03 00:15:55 UTC 2025-10-07 07:38:48 UTC hello@padlet.com https://imgglb.padletcdn.com/v13/image?t=g_auto&url=https%3A%2F%2Fpadlet.net%2Ficons%2Fpng%2F1f5dd.png Business resource needs ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164182 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.]]> 2019-06-03 00:21:56 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164182 Business locations ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164196 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


]]> 2019-06-03 00:22:07 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164196 Source of Finance ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164204 financial institutions
retailers
suppliers
bootstrapping
loans 
crowdfunding
Fiance companies
Family and friends
Private investors
Venture capitalists 
Stock market
Overdraft facility
Commercial hire purchase ]]> 2019-06-03 00:22:13 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164204 Legal business structures ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164226 Sole trader
partnership
private limited company
public listed company]]> 2019-06-03 00:22:32 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164226 Business models ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164245 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

]]> 2019-06-03 00:22:45 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164245 Business support service ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164356 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

]]> 2019-06-03 00:24:02 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164356 SWOT ANALYSIS ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164408 A long-term, strategic planning tool.

strength 
weaknesses
opportunities
threats ]]> 2019-06-03 00:24:30 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164408 Structure and Benefits of Business Plan ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164449 2019-06-03 00:25:00 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164449 Corporate social responsibility ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164510 2019-06-03 00:25:39 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365164510 Pros and Cons of establishing a new business ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365165411 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
]]> 2019-06-03 00:33:00 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365165411 Costs and Benefits of purchasing existing business ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365165791 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]]> 2019-06-03 00:35:33 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365165791 ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365165985 2019-06-03 00:36:49 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365165985 Partnership - unincorporated ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166067 2019-06-03 00:37:41 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166067 ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166239 2019-06-03 00:39:20 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166239 Sole trader - unincorporated ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166283 2019-06-03 00:39:53 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166283 Private - incorporated ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166327 2019-06-03 00:40:16 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166327 Public - incorporated ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166345 2019-06-03 00:40:30 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166345 Unlimited liability ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166431  If the business runs into financial difficulties, then the owner is responsible for all business debts. ]]> 2019-06-03 00:41:14 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166431 Limited liability ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166470 2019-06-03 00:41:44 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166470 Advantage of a partnership (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166627  
  • 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.
]]> 2019-06-03 00:42:36 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166627 Advantage of being a sole trader (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166629 2019-06-03 00:42:36 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166629 Disadvantage of being a sole trader (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166686  
  • 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
]]> 2019-06-03 00:43:03 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365166686 Disadvantage of a partnership (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365167194  
  • 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 
]]> 2019-06-03 00:47:05 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365167194 Examples of capital resources ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365167687 Assembly line robots]]> 2019-06-03 00:50:40 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365167687 Natural resources ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182834 unprocessed items used in the operations process]]> 2019-06-03 02:54:45 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182834 Labour resources ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182857 Workers or human labour]]> 2019-06-03 02:54:59 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182857 Capital resources ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182909 man made items used in the process of production]]> 2019-06-03 02:55:16 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182909 3 Factors that affects business' decision when resourcing ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182976 - reliability, quality, social responsibility]]> 2019-06-03 02:55:51 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365182976 Workforce planning (give 3 examples) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365183107 - employing staff w/ appropriate skills
- monitoring staff turnover
-training staff]]> 2019-06-03 02:56:42 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365183107 Visibility ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194835 A business wanting high visibility would locate in a prime shopping area, e.g. clothing stores in a shopping centre.]]> 2019-06-03 05:01:26 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194835 Cost ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194876 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.]]> 2019-06-03 05:01:55 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194876 Economics and Social trends ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194885 -demographic shits in an area
-changes in fertility rate, aging population...]]> 2019-06-03 05:02:01 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194885 Proximity to customers and suppliers ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194927 -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) ]]> 2019-06-03 05:02:20 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194927 Proximity to competitors ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194950 -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]]> 2019-06-03 05:02:41 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194950 Proximity of complementary businesses ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194969  
  • 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. 
]]> 2019-06-03 05:02:56 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194969 Area Demographics ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194986  
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.
]]> 2019-06-03 05:03:11 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365194986 Example of a complementary business ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365195975 Many shopping centers in new suburbs contain homemaker centers with electrical and furniture stores, bedding stores, hardware... aimed at people building new homes.]]> 2019-06-03 05:12:45 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365195975 Quantitative factors ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196533 2019-06-03 05:18:07 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196533 Qualitative factors ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196537 2019-06-03 05:18:12 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196537 Bootstrapping ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196929 2019-06-03 05:22:45 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196929 Factors affecting choice of finance ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196958 terms of finance
- Using short term loans for long term investment is not suitable.

the business structure
- 
overall cost
-
flexibility
-
level of control ]]> 2019-06-03 05:23:12 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365196958 Existing business / new business ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365199931 -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]]> 2019-06-03 05:58:17 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365199931 Online business ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284113 -exist solely on the internet
-increased accessibility of the internet ==> an opportunity for the entrepreneurs
-reach customers across the globe via internet, avoid expenses]]> 2019-06-03 13:08:27 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284113 Mortar stores ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284650 2019-06-03 13:10:04 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284650 Advantages of online business (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284746 2019-06-03 13:10:22 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284746 Disadvantages of online business (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284891 2019-06-03 13:10:48 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365284891 pros & cons of Brick & Mortar models (6 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365285080 2019-06-03 13:11:17 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365285080 Import and export business ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365285376 Not dealing with customers face-to-face]]> 2019-06-03 13:12:11 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365285376 3 Examples of franchising businesses ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365285464 2019-06-03 13:12:31 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365285464 Strengths ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286017 2019-06-03 13:14:09 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286017 Why we do SWOT analysis ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286066 STRENGTHS, WEAKNESSES, OPPORTUNITIES, THREATS
A long term strategic planning tool 
-Assesses potential risks and opportunities 
-Recognizing strengths and weaknesses
-Evaluates and adjusts strategies]]> 2019-06-03 13:14:17 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286066 Weaknesses ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286224 2019-06-03 13:14:45 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286224 Opportunities ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286644 2019-06-03 13:15:58 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286644 Threats ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286692 2019-06-03 13:16:07 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286692 Give 2 examples for each area of the SWOT analysis ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286830  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 

]]> 2019-06-03 13:16:27 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365286830 Environmental audit ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287032 -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 ]]> 2019-06-03 13:17:05 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287032 The functions of environmental audit are... ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287138 -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]]> 2019-06-03 13:17:27 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287138 Why companies have to construct formal Business plan? ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287310 -defines the goals and direction; maps out
-review and refine ]]> 2019-06-03 13:17:58 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287310 Examples of natural resources ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287938 timber]]> 2019-06-03 13:19:54 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365287938 ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365288417 2019-06-03 13:21:21 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365288417 Advantages & disadvantages for a private company ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365289857  
  • 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
]]> 2019-06-03 13:25:12 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365289857 Advantages & disadvantages of a public-listed company ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365290299  
  • 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. 
]]> 2019-06-03 13:26:20 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365290299 Name one person you can go to for professional financial support, what does this person do? ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365291266 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.]]> 2019-06-03 13:28:29 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365291266 Social enterprise ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365435150 (refer to Chapter 1.1.2, motivation, fulfill of social need)]]> 2019-06-03 23:11:04 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365435150 Franchising ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365435152 -franchisor
-franchisee ]]> 2019-06-03 23:11:04 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365435152 ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365436979 2019-06-03 23:24:40 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365436979 Advantages of buying into a franchise (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365437927 2019-06-03 23:32:43 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365437927 Disadvantages of buying into a franchise (4 points) ylybcww https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365437938 2019-06-03 23:32:53 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365437938 Advantages of online business shevp145 https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365446831 - 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]]> 2019-06-04 00:37:26 UTC https://padlet.com/ylybcww/qdrb93oj4vvi/wish/365446831