1.5 Entrepreneurs and Leaders 0.0 / 5 ? Business StudiesEntrepreneursASEdexcel Created by: tomstodd23Created on: 15-01-18 14:29 Risk Choices made in spite of potential problems known to the business. 1 of 15 Uncertainty Choices made in a business that do not account for unexpected problems. 2 of 15 Aims and Objectives Pyramid Mission Statement, Corporate Aims, Corporate Objectives, Functional Objectives and Individual Objectives 3 of 15 SMART Specific, Measureable, Attainable, Relevant, Time-based. 4 of 15 Profit Maximisation Achieveing a maximum profit with low operating expenses. 5 of 15 Profit Satistificing Making enough profit to keep shareholders happy or for investors to maintain confidence in the management. 6 of 15 Key Business Aims Survival, Positive cash flow, Cost Efficiency. 7 of 15 Public Limited Company A business who's parts are traded on a stock exchange and can be bought or sold by anyone. 8 of 15 Social Enterprise Organisations that trade with the aim of making a difference instead of making a profit. 9 of 15 Partnership An organisation that is owned by 2-20 people. 10 of 15 Lifestyle Business An organisation run by it's founders primarily with the aim of sustaining a particular level of income to enjoy a particular lifestyle. 11 of 15 Online Business A company that does all or most of its transactions through the internet. 12 of 15 Franchise This is a company that allows other businesses to trade in it's brand in return for a variety of fees. 13 of 15 Sole Trader A business organisation which has a single owner. 14 of 15 Opportunity Cost The value of the next best alternative foregone. 15 of 15
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