key terms

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  • Created by: Lilynguty
  • Created on: 12-12-19 10:24
Entrepreneurs
innovators - new ideas. Take risks, make key decisions, organise and set up the business
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Sole trader
is a type of business owner who works alone. Receive all of the profits, have full control, use their own ideas.
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Partnership
is an arrangement between 2 or more parties, known as partners. They share responsibility, share work work load, more investment, more ideas, "paid time off", easy to set up.
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Limited liability
only what the owner has invested in the business is at risk.
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Unlimited liability
the owners belongings are at risk as well as everything that they have invested into the company.
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business objectives
are clearly defined targets that are set by management or business owners.
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mission statement
sets out the purpose of the business to all its employers, shareholders and any other stakeholders. Give companies direction.
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market share
the amount of costumers have in the market its operating.
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Other cards in this set

Card 2

Front

is a type of business owner who works alone. Receive all of the profits, have full control, use their own ideas.

Back

Sole trader

Card 3

Front

is an arrangement between 2 or more parties, known as partners. They share responsibility, share work work load, more investment, more ideas, "paid time off", easy to set up.

Back

Preview of the back of card 3

Card 4

Front

only what the owner has invested in the business is at risk.

Back

Preview of the back of card 4

Card 5

Front

the owners belongings are at risk as well as everything that they have invested into the company.

Back

Preview of the back of card 5
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