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Definition
Set up a business that is not available to fill in a niche.
ex.
Amazon.com-online book store
Dell-customized personal computers |
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Definition
Funds needed for all forms of business activity-production/marketing
New businesses probably need to borrow money to start
ex.
accountants |
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Definition
Needed at all stages of business-design, selling good/service
ex.
Hiring, training, retaining, motivating staff |
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Definition
industrial and personal skills required to plan, organize, manage business. Leadership and negotiation skills required to deal with employees, suppliers, government
ex.
self-confidence and passion |
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Definition
Premises and capital equipment
ex.
land-better land attracts more customers but also expensive |
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Definition
| needed to provide business with raw materials, finished stocks, support services. Contracts are needed and negotiation over prices and delivery time need to be undertaken. |
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Term
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Definition
Need to be attracted b/c without them business will fail. Marketing research and desirable products, available at the right places and right prices.
ex.
publishers not interested in authors whose work only cater for very small market |
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Definition
essential marketing needed regardless of how good product is
ex.
many rejected idea of The Body Shop and Harry Potter books |
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Definition
| Legal rights regarding consumer rights, copyright, patent laws, employment legislation must be addressed. |
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Term
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Definition
| Capital growth-Land and property increase in value over time |
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Definition
| Potential return for setting up your own business outweigs the cost, even though risks are high. |
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Term
| Transference and Inheritance |
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Definition
| Can be passed on to their children, giving them a sense of sercurity that's not possible if they chose to work for someone else |
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Definition
| Challenge drives them to perform and gives personal satisfaction. |
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Definition
| independence, freedom of choice and flexibility. |
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Definition
| Cannot be fired or replaced. Might be able to have an early retirement. |
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Definition
Turning their personal interests into a business.
ex.
J.K. Rowling is a top selling author |
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