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GCSE: Business, Companies and Organisation, Activity

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Five different forms of ownership that you should know

  1. 1 Sole traders or sole proprietors are the simplest form of business ownership requiring no legal documentation. Anyone can just set themselves up in business. It is by far the commonest form of business organisation. One of the main problems is that it can be hard to get finance to expand. This is in part because it has unlimited liability. That is full responsibility for all debts
  2. 2 Partnerships are where from 2 to 20 people join together to form a business. This gives each person access to more finance and expertise. They also have unlimited liability which can make it difficult to get the finance to expand.
  3. 3 Private Limited Companies (ltd after their name) are legally set up and enable the business to raise more finance by selling shares (part ownership) of the business. They have limited liability which means that investors can only lose the amount they have invested in the business. People must be invited to become shareholders and can only sell their shares with the permission of the other shareholders.
  4. 4 Public Limited Companies (PLC after their name) can sell shares to anyone and there are no restrictions on who can and cannot own the shares. They also have limited liability. These tend to be the largest businesses.
  5. 5 Cooperatives are owned usually by the employees. The employees pool their money and usually share responsibility for the decisions of the business.

What are the names of different sectors of industry?

  1. 1 The primary sector is concerned with the mining, growing and extraction of raw materials that are used to produce other things. Examples include farming, mining, forestry and fishing. Before the industrial revolution (about 1760 to 1830) this was the biggest sector in the UK. Now it is the smallest, employing less than 2% of the workforce.
  2. 2 The secondary sector is the part of the economy concerned with manufacturing. It therefore involves turning primary products into other products that consumers and businesses will use. As a percentage of employment, this has fallen in the UK in recent years as more manufacturing is done abroad. The UK still manufactures many goods.
  3. 3 The tertiary sector is also called the service sector. It supports the production and distribution of products so includes industries like banking, retail, advertising and distribution. It is the largest sector of the UK economy.
  4. 4 Some commentators talk of the quaternary sector which is concerned with intellectual activities and the knowledge based part of the economy such as scientific research, government, libraries and information technology.
  5. 5 Goods move through the different sectors through what is known as the ‘chain of production’. So for instance oil comes from the primary sector where it is extracted from an oil well, to the secondary sector where it is refined into petrol or other products and then to the tertiary sector where it is sold to the consumers in a service station.

Five business aims

  1. 1 Most privately owned business aims to make a profit. This may only be in the long run. In the short run, a business may aim to increase market share or develop new products which will reduce profits in the short run.
  2. 2 Many businesses are in the public sector. This means that they are owned by the government or local government. Their main aim will usually be to provide a service to the public. They may charge for it to cover some of the costs but making a profit is unlikely to be an aim.
  3. 3 Businesses in the voluntary sector are usually charities that raise money to provide help to particular groups.
  4. 4 Businesses will normally have objectives which are much shorter term and are measures that will help them achieve their overall aim. It may relate to a level of sales (private sector), a level of service (public sector) or a particular group that will be helped (voluntary sector).
  5. 5 The terms private and public can get confusing. Private sector means owned by private individuals although it may be a public limited company. This means that shares in the company can be bought by any member of the public. However, it is still in the private sector.

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    The industry that they work within is retail, specialising in grocery. They have also expanded their product portfolio into general merchandise, financial services and telecoms. In the UK alone they have 1,800 stores employing over 260,000 staff. They have set up their own website at www.tesco.com. The first store to be opened was in North London, and this is when it became a private limited company. Tesco's grew rapidly and took over 212 stores in the North of England. As the years went by their sales reached �1billion.

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  2. Business studies - Business Plan

    After looking at the possible market I will be looking at personnel, the goals and aims of my business, they types of communication I will be using and who I will employ and under what conditions. I will also be looking into Marketing which is the advertising of my product and deciding on a logo for my company and what forms of advertising I plan on using and the reasons behind my choice, and the advantages of it. After I have decided on how I am going to promote my product I must think of what type of production I must use and which will be the most suitable for my business.

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  3. Electical Shop

    Task What this means that I will have to do Date start Date finish What market am I aiming at? This will involve doing market research so that I know what people want, then I will see what market I am after, e.g. budget or high price retailer. 3/10/99 5/10/99 Where am I going to place my business? This will involve me carrying out research in local area to see if they meet the criteria that create, from research from books, surveys, and my market.

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  4. Strawberry Cow - Company Report

    Although this can be a bad thing we felt that it suited our purpose as throughout the year we could possibly be selling different products/services. D. Organisation Our first job after the formation of the company was to select the function directors. These were chosen on the strengths of each person within the young enterprise company. D.1 Function Directors D.1.1. Managing Director Chris Adams was chosen by the company to become managing director as he was felt to be able to cope with the responsibility.

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  5. Setting up a car sales garage.

    Supply Tires * AutoSportz - To Supply Vinyls And Graphics * Hemi - To Supply Engines And Parts * Borla - Exhaust systems * Turbonetics - To Supply Turbo And Superchargers * Streetglow - To Supply Neons I Have Chosen These Suppliers Because They Have Surpassed All Other Competitors in Their Field and I Think My Target Market Will Want These Brands Knowing They Are The Finest And My Company Will Gain A Reputation For Only Using The Best. I Will Buy Direct From The Manufacturers To Lower The Cost I Will Charge My Clients Thus Reinforcing My Reputation.

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  6. Business Ownership

    However the government schemes have made this somewhat easier as they provide grants to help them in their business. The firm's growth is often slow as one person can do only a limited amount of work. The owner may have no experience of running a business or have any business skills therefore it will be difficult to start a business. If the owner is ill this can create problems and also if the business is closed, then expenses continue but no money is being made. A sole trader must register the business with the Inland Revenue and is responsible for keeping accurate business accounts and completing an annual self assessment tax form.

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  7. business studies- managing your business

    * Another reason why it is good to be a sole trader is that I can choose my hours. * The last reason I can see that is a good reason for being a sole trader in a small business is that I can get to know the customers on a more personal basis. The disadvantages of being a sole trader * However there are some disadvantage to the advantages these are that you have sole liability for the business (this means that you can have any of your possessions taken away when your business goes wrong or you go bankrupt)

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  8. sole traders and franchise businesses- unit 1

    McDonalds restaurants are sold to individuals, selling them are another one of there important activities. McDonalds aims and objectives: Aim (goal or target) Objective (more specific) Working together for the success of the company. Commitment to franchising, maintaining a good relationship with the franchisees, and also making franchising decisions based on what's best for the customers. To make a profit To maximize sales by serving more than 2.5 million customers every day. To be environmentally friendly. support the communities in which it operates. Taking responsibility to enhance and protect the McDonalds brand. Dedication in providing customers with good quality service and value to keep them satisfied and happy.

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  9. Investigating Business - School Shop

    I am going to look at each type of ownership including their advantages and disadvantages so that I can decide which type of ownership will suit my business best. Sole Trader The most common form of a public sector business is a sole trader this type of business is owned by one individual trading by their name or another suitable name. The owner runs the business but employ other people to help. It is straight forward to set up as a sole trader because there are no legal formalities needed.

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  10. Business studies-create your own business

    I decided to be a sole trader instead of a partnership, even though a partnership offers more capital and making the business easier to run, profits need to be shared out and disagreements can lead to the business failing. The skills or experience, which I have that involve a Chinese restaurant, are that I have a Chinese background meaning, I am knowledgeable about Chinese foods. AIMS OF MY INVESTIGATION The aims of my investigation, is to gain enough market research about the marketing mix to determine how to set up my business, this includes prices, where to locate and what type of food to sell in my restaurant.

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  11. People and Business

    Employees are a very important group of stakeholders. Without them there would be nobody to help run the business. There are also many different levels of employee's as well. Some are also more important than others. Some employees can have the important decision of having to decide whether or not to build a new shop in London where as some employees can have the easy job of putting frozen meals in a freezer. Issues which may concern the employees are the way Marks & Spencer treat their staff, rates of pay and job security. Employees would also contact the business.

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  12. Business Studies Coursework: Creating a business

    I want my business to survive whilst being pleasurable to run. The reason why I have chosen to open a shop based on items of clothing is that I am enthusiastic about fashion and feel that I will enjoy this line of work due to my good people skills. I will use promotion and advertising to tell people about my business. Promotion is a means of communication between businesses and customers. It tells customers about the product and how it will serve their needs, therefore acting as a way in which to persuade people to buy the products that you are offering.

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  13. Business start up with the help of the Prince's Trust.

    If I borrow from friends or family I won't pay interest but I would agree I fixed amount each month, I would do this because then they would know that I'll pay them back. Also the princess trust loan I will have to pay money back put the interest rate wouldn't be as much as HSBC loan and the princes trust will give me free advice so they'll make the business better. I wouldn't really won't to put all of my own savings into the business because my own money could be used as a back just in case if business isn't going well and I needed to put a few hundred into rent etc.

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  14. Aims and Objectives of a business

    This means that the objectives should be reasonable and should be within reach. The last criterion for a SMART objective is it should have time constraints. This means there should be a deadline within the objective so that it can be measured. It is very important for businesses to have objectives as the objectives will tell the business owners if the business is progressing and reaching its aims. The business which I set up in class also had aims and objectives. Cantore LTD had many aims. Most of which were appropriate aims for a start up firm.

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  15. investigating business

    Activities of Richer Sounds 2. Richer sounds are a leading electronics retailer, specializing in audio and plasma TV's, based in the United Kingdom operating in the services sector, wholesalers and retailers, and operate more than 45 stores which include one franchise in Belfast, Northern Island. The retail sector is a significant contributor to the UK's economy. At the moment, the retail sector in the UK is growing and employs more than 3 million people and had a total turnover of �260 billion in 2006.

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  16. J Sainsbury

    Our journey started with fixing the basics and will accelerate through getting better every day as we strive to achieve our goal. We will recreate universal customer appeal through giving our customers an ever improving shopping experience. This means we will look for ways to do things better every day. Improving availability is urgent and vital. Our stores must be clean and welcoming. We will be friendly and helpful to our customers. Queues must be minimal and our service counters second to none.

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  17. business ownership and location

    E.g. McDonalds. The rules and regulations of the company have to be accepted. * Run a business with less risk. * Free advertisements * Business will expand. * Responsible for debts. * Pays a royalty to owners of the brand. * pays a fee for the purchase of the franchise Co-operative A co-operative business is when the workers of the business own the business. * Producers organise distribution and sales of product them selves. * Liable for all debts and loss. * All partners are liable for debt and loss. * Limited access to money.

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  18. business aims and objectives

    Many successful companies know what they what to attain and their aims are very specific. For instance a businesses aims could be to make a profit with a year or maximise sales by 10% by each month. Examples of targets can include selling more product than competitor or else improving products. We also had objectives, these objectives were set out to help us to achieve our aims. For instance some objectives were: * Make a profit of �100 per week.

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  19. Safeways unit 1

    They are therefore likely to benefit from smaller interest charges on any loans obtained. Also being a listed company, Safeway has found it easier to raise their finances than if they were a private limited company. The standing of Safeway's own market, both with customers and suppliers may be enhanced by a Stock Exchange listing. Finally, Safeway has Divorce of ownership and control, meaning shareholders are the owners of the company, but they do not make decisions on a day-to-day basis. Many will have little detailed knowledge of the firm's operation. This acts as an advantages because shareholder will not be involved, therefore there will not have any disagreement with the decisions that are made by the owners and will not result into damage on the business.

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  20. Understanding Business

    McDonalds focus on their 11 most important ingredients and food, these are: Beef, pork, chicken, fish, eggs, milk, French fries, lettuce, cooking oil, fruit bags, beverages and McCAFES. Activities of business (Nike) * Nike is a global company that offer a lot of goods. Nike sells products like, trainer's hats, socks, shirts, shorts, footballs, shin pads, tracksuits, and many more different sports products. It is very important for every type of business to have aims and objectives because then it allows the business to follow a code of conduct.

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  21. Applied Business Unit 1

    To fulfil these objectives they have: * Opened an all-day restaurant or caf� in their stores. * For people with disabilities they have invested �30m in facilities. * They have bag packing and carry-to-car service. * Baby changing facilities and pet stops for people to leave their pets * Wide range of trolleys for young, elderly and disabled.. * They have reduced 4.5 million miles by moving there freight to rail. * Currently converting entire fleet of trucks to run on bio diesel.

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  22. How can 'A's CD store' successfully promote its new retail outlet in Causeway Bay?

    There will be no specific gender that we will aim for because both genders like the products and music. The store will also be aimed at people who live or go to the Causeway Bay area because the store will be based in Causeway Bay. I think that 'A's CD store' will be successful in this economic climate because of the wide range of products the CD store will stock and the different types of products the store will have will be different to the other CD stores in Hong Kong. This is because the genres of the CD's the store will have will be different to the genres the other stores will have.

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  23. Ann Hopkins Case Analysis

    In 1972, Ann Hopkins joined Computer Sciences Corporation where she continued to work on NASA accounts. In 1974 she moved to Computer Usage Corporation where she split her work between NASA and private sectors such as banks in New York and Chicago (11). In 1976, Ann Hopkins joined Touche Ross, a major accounting firm, as a systems management consultant where she later met and married her husband. She also worked on various projects and managed as many as 20 Touche Ross consultants and other subcontractors (12). In 1978, she first joined American Management Systems and later moved to PW as a manager in the Management Advisory Services department of OGS (13).

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  24. company law problem

    However despite these different forms, a partnership is simply the partners who comprise a business12. In contrast a limited company is a corporation which has a separate legal identity to that of its members13; this comes from Salomon v A. Salomon14. A limited company is known as a 'persona at law', that is an artificial legal person, which has perpetual succession meaning that it's existence is maintained by the constant succession of new members to replace those that leave15. A limited company confers limited liability meaning that members are only liable for debts to the value of the amount of capital they have contributed16.

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  25. The business that I am going to set up is a Book Shop. I have decided to open a bookshop, as there is a high demand of books in my local area. My bookshop will be selling books that meet the requirements of my customers

    by the owner * The owner is the boss and is in complete control to make all decisions * The owner has the flexibility to choose the hours of work he/she want to do * Sole Trader can be set up with little capital * Personal contract with customers can encourage consumer loyalty On the other hand, the disadvantages of a Sole Trader are:- * Sole Trader has unlimited liability so, if the business has to pay any debts, the owner is responsible and may find difficult to borrow money from banks * The owner has to work long hours

    • Word count: 4777

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