Summary Unit 1- What is Business?

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Summary

Summary Unit 1- What is Business?

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2023/2024

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Summary of lesson+book notes. Explains concepts of: -Mission, Aims, Objectives -PIGGS Can Fly, PESTLE-C -Business types (Soletrader, Partnership...) -Limited/unlimited liability -Leadership styles -Tannenbaum Schmidt Continuum -Blake Mouton Grid -Decision Trees -Stakeholder Mapping -Decision making types -FORMULAS

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Mission a shortstatementprovidingthebusiness'spurposeandintention thelongterm
for
Aims thegoalsofthecompany

Objectives targetstoachievethebusiness'smissionandaims Splitintocorporatefunctional teamandindividual

P profit P political
marketshare E economic

gg
growth 5
T
Social
technological

anti.itasi peowEC competition YnYYronmentallethical

NAME Definition Advantages Disadvantages

SOLETRADER a businessownedand limited finances
directed
bye cankeepalltheprofits
Iffsteggnthigginess relativelysmall
unlimitedliability

PARTNERSHIP a businessthathasmore moreideas hasto splitprofitequally
than e owner usually a morefinances unlimited liability
smallgroupofpeople tea setup
I less flexibilityslowerdecisio
making

PRIVATE Asmalltomedium sized full
keep control difficulttosetup
LIMITED companythatcanonly Ican
limitedliability I has limited expansion
gpo
COMPANY sell shoresto private canonlygetlimitedfindings
TD shareholders fromshareholders

PUBLIC Alargecompany which canraisecapitalfromselling canlosecontrolofthebusine
united sells itsshares onthe shares managersdecisionsmightbe
COMPANY stock market morefinances access influenced
PLLC Imoregrowthandexpansion
opportunities

forfranchisee whobuys
FRANCHISEanalreadyestablishedbusiness moreassistance lotsofrestrictions
thatsellsitsrightstoanother brandrecognition thighinitialcost
ownerandgets at backfrom lowrisk
itsprofit higherprofits

or whose's lossotfullbrandcontrol
fief
easyaccessto capital reputationcanbedamaged

Document information

Study Level: A/AS Level
Subject: Business Subjects
Uploaded on: January 13, 2024
Number of pages: 4
Written in: 2023/2024
Type: Summary

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