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10 Cards in this Set
- Front
- Back
Business plan |
Refers to the document that sets out the businessidea, its goals and objectives and other details of how thebusiness will operate (such as its marketing, operations andfinance). It is often a crucial part of an attempt to raise external sources of finance.
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Businesses |
Are organizations involved in the production ofgoods and/or the provision of services. |
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Consumers |
Are the people or organizations who actually use aproduct. |
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Customers |
Are the people or organizations that buy the product. |
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Entrepreneurs |
Are owners or operators of an organization whomanage, organize and plan the other three factors of production.They are risk takers who exploit business opportunities inreturn for profits. |
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Intrapreneurship |
Is the act of behaving as an entrepreneurbut as an employee within a large business organization.Intrapreneurs work in an entrepreneurial capacity, withauthority to create innovative products or new processes for theorganization. |
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Primary sector |
Refers to businesses involved in the cultivationor extraction of natural resources, e.g. farming, mining,quarrying, fishing, oil exploration and forestry |
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Product |
Can refer to both goods and services. Goods arephysical products, e.g. cars, books and food. Services areintangible products, e.g. haircuts, bus rides, education andhealth care. |
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Quaternary sector |
Is a subcategory of the tertiary sector,where businesses are involved in intellectual, knowledge-basedactivities that generate and share information, e.g. informationcommunications technology and research organizations. |
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Secondary sector |
Is the section of the economy where businessactivity is concerned with the construction and manufacturingof products. |