Business |
an organisation or system where goods and services are exchanged for one another or for money |
Entrepreneur |
a person(s) who sets up their own business |
Enterprise/Firm |
a business or a company |
Social Enterprise |
an activity that achieves a reward for society |
Gap In The Market |
an unmet customer need or a group of potential customers who are not yet purchasing a good or service |
Market |
the way buyers and sellers are brought together |
Mass Market |
a large market; a product/service aimed at a wide range of people |
Niche Market |
a small, specialised market; a product/service aimed at a small group of people |
Franchise |
when one business (see Franchisor) gives another person or business (see Franchisee) the right to trade using its name to sell its products or provide its services |
Franchisor |
the company that allows an individual (see Franchisee) to run a location of their (the franchisor’s) business |
Franchisee |
someone who buys and runs a location of a franchise |
Stakeholder |
anyone who has an interest (or stake) in a business |
Primary Stakeholder |
essential to the success or failure of the business (e.g.: customers) |
Secondary Stakeholder |
feel they are involved in the organisation’s future (e.g.: pressure groups) |
Internal Stakeholder |
people who’re already committed to serving your organisation (e.g.: board members) |
External Stakeholder |
individuals or groups from outside that’re affected by the consequences and outcomes of an organisation’s decisions (e.g.: suppliers) |
Sole Trader |
a person who is the only owner of a business, entitled to keep all profits after tax has been paid but liable for all losses (unlimited liability) |
Partnership |
a legal form of business operation between two or more individuals who share management and profits |
Private Limited Company (Ltd) |
can only have between 2 – 50 members; shares are sold privately among family/friends/colleagues/etc |
Public Limited Company (Plc) |
has shares that can be publicly traded on a stock market |
Dividend |
the share of the profit that shareholders get from a company |
E-Commerce |
the buying and selling of goods and services over the Internet; also for advertising |
Website |
a location connected to the Internet that maintains web pages |
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