Business Concepts and Structures

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The relationship between the internal and external environment of a business

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Understanding how internal factors like company culture and external factors like market trends interact is crucial for business success.

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Types of business structures

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Includes sole trader, partnership, private limited company, public listed company, social enterprises, and government business enterprises.

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Factors affecting the choice of business structure

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Considerations include liability, taxation, and control over the business.

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Types of business models

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Examples include online business, direct-to-consumer, bricks-and-mortar, franchise, importer, and exporter.

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Costs and benefits of purchasing an existing business

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Buying an existing business can offer immediate cash flow but may come with hidden liabilities.

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Establishing a new business

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Starting fresh allows for complete control and customization but requires building a customer base from scratch.

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Business resource needs

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Includes natural resources, labor, and capital, which are essential for operations.

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Factors affecting the use of business resources

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Efficiency, cost, and availability are key factors in resource utilization.

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Business locations

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Choosing a location involves considering factors like customer accessibility, cost, and competition.

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Factors affecting choice of location

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Includes proximity to customers, suppliers, and the overall business environment.