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Business Unit 1

In English

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Thomas Salmon

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Name two postives and negatives in the seed part of the business life cycle

no revenue, riskiest part of the phase, no notoriety, investing in the business

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25 questions
Name two postives and negatives in the seed part of the business life cycle
No revenue, riskiest part of the phase, no notoriety, investing in the business
Name all 4 of the business sizes ( micro, Small, medium, large)
Micro 1-4, small 5-19, medium 20-199, large 200+
Define the internal enviroment and give two examples
Directly controlled bu the business(Owners, managers or employees
Define the operating enviroment and give two examples
Business has less control over factors but still has impact to the business( Customers, suppliers, interest groups and competitiors
Name the 7 factors of the micro enviroment in ORDERA
Socio-cultural, Technological, economical, enviromental, political, legal, Ethical
Name the four functions of a business and define them all
Operations- The production of goods and services Finance- Ensure the business has proper cashflow marketing- advertising of the goods and services of the business human resources- Management of the employees of the business
Define Business structure
The hierarchial tree which the business is built around
What are the four Structures hint hint tall ,flat etc...... and Olli is gay
Tall- Lots of decision making Flat- Making of there own decisions Divisional- Organises groups from each function under a division for example IT department, Business, Maths and English Organisational- The way the business is run, and how the owner treats emplloyees maybe
Explain the advantages and disadvantages of the Legal Ownership Sturctures
Sole Trader 1- Advantages- all the profits given to the owner, easy to set up, Owners makes all the decisions Disadvantages- if owner dies business ceases to exists, unlimited liability, invest all the money Partnerships 2-50 peoples Advantages- Shared work load, dont need to invest all the money Disadvantages- if owner dies business ceases to exists, unlimited liability, can conflict with the other owners Public Company Advantages- ownership is easily transferrable, limited liability, unlimited shares, can sell shares on the ASX Disadvantages, complext to establish, and expensive
Explain the Difference between GOC and GBE
The difference between the Government owned Corporation and the Government Business enterprise is the the GOC is run by the State government and the GBE is run by the federal
Difference between Entrepreneurs and Intrapreneurs
Entrepreneurs creates an idea for there own business while an Intrapreneurs creates an idea inside a business
The Startup phase of the life cycle
Positives, no revenue, still investing into the business (Tools and appliances) Launched Negatives riskiest part of the life cycle
The Growth phase of the life cycle
Business starts to get notoriety, revenue and sales increase, expansion and marketing is important
TheMaturity phase of the life cycle
(Flatting out) Sales are not rising, invest in new products or services, research and develop
The Post-Maturity phase of the life cycle
Death or reinvention, Sell the business or reinvent it
What is a Stakeholder and give examples
Anyone/entity affected by the operation of a business (Owner, employees, customers, suppliers)
What is a profit based and not for profit organisation
Profit based businesses are made to make more for the owners and shareholders for example (APPLE and microsoft and bay marina) Non for profit based business are made where the profits made are put back into the business( Salvos, Pink ribbon, TSS and anglican church)
Name all the manaegment. styles and define them
Autocratic- Manager makes decisions alone, full power Persuasive- manager makes decisions and explains why, control of decision making Consultative- Manager makes decisions after decisions are proposed, Employees considered Participative- Managers and employees make decisions together, Barely any authority Laissez-Faire- employees make the decisions, no control
Name all 9 leader styles
Authoriative, Charismatic, bearucratic, coaching, mentoring, transactional, transformational, situational and democratic
Explain Missionary and visionary statements
Mission- Why the business exists Vision- Where will the business go in the future
POLC what does it stand for and what do they mean
Plan, organise, lead, control Plan Set up goals and objectives, make course of action. Organise Allocating the necessary resources lead Directing and motivate to perform Control supervising the process
Whats STO in order
Strategy, tactical, Operational
Evaluating a business
Competitiveness, effectiveness, effeciency and stakeholder satisfaction