Why start a business? 1. What is an entrepreneur? 2. List the reasons for why people start up their own businesses? 3. What is a social enterprise?

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1 Revision Cards

2 Why start a business? 1. What is an entrepreneur? 2. List the reasons for why people start up their own businesses? 3. What is a social enterprise?

3 Finding a gap in the market 1. What is a niche? 2. How can a business find a niche? 3. What is market mapping?

4 Franchise 1. What is a franchise? 2. Why might someone consider taking on a franchise? 3. What are the advantages? 4. What are the disadvantages

5 Business objectives 1. What is a business aim? 2. What is a business objective? 3. Give 5 examples of business aims? 4. What is profit? 5. What is market share? 6. What is customer satisfaction? 7. What are business ethics? 8. Why must a business set clear objectives?

6 Stakeholders What is a stakeholder? What stakeholder would interested in a business?

7 Business risk 1. What are the general business risks? 2. What are the functional risks 3. What is uncertainty? 4. How can a business plan for uncertainty?

8 Sole trader 1. What is a sole trader? 2. What are the advantages of a sole trader 3. What are the disadvantages of a sole trader? 4. What is unlimited liability?

9 Partnership 1. What is a partnership? 2. What are the advantages of a partnership 3. What are the disadvantages of a partnership?

10 Limited liability 1. What is limited liability? 2. What is incorporation?

11 Locating a business? 1. What factors affect location? 2. What is a market? 3. What are logistics?

12 Market Research 1. What is market research? 2. What is primary research? 3. What is secondary research? 4. What are the benefits of market research? 5. What are the disadvantages for both methods? (use table)

13 Questionnaires 1. What is a questionnaire? 2. What are the key features of a good questionnaire?

14 Research methods for small businesses? 1. Draw table of research methods with advantages and disadvantages?

15 Marketing Mix 1. What is the marketing mix? 2. Explain the 4 P s?

16 Product 1. What is a product range? 2. What is product differentiation? 3. Why will firms adapt their products?

17 Price 1. What is demand? 2. How will demand affect price? 3. Why is a low price not always the best strategy?

18 Promotion What is promotion trying to achieve? Name three ways of promoting a small business? What are the advantages and disadvantages?

19 Place What is channel of distribution? Draw the main methods of distribution? What is a wholesaler? What is a retailer?

20 Sources of finance What will businesses need money for? What are the common sources of finance and define? Which are short term and long term? Where can businesses get financial support? For each finance explain advantages and disadvantages on cards. (3 on each card)

21 Basic financial terms Define profit & Loss Define Revenue Define costs How can business increase revenue?

22 Cash flow forecasts What is a cash flow forecast? Draw a simple table? What are the solutions to poor cash flow?

23 Recruitment When would a business recruit? What is internal and external recruitment? Define part time and full time workers? Advantages of full and part time workers?

24 Recruitment process What are the five steps and explain each step briefly?

25 Rewarding employees Explain how pay depends on the following? Skills needed Experience Other competitors pay What are monetary and non monetary rewards?

26 Motivation What is motivation? Why is motivation important? Monetary techniques? Non monetary techniques?

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