a person with extensive business experience who offers knowledge, wisdom and advice

items of value owned by a business

a record of a country’s trade and financial transactions with the rest of the world

the basic funds or resources used by business to start an income-earning activity

a set of circumstances that presents itself as an avenue to success

any activity conducted by an individual or individuals to produce and sell goods and services

a company is a legal identity separate from its owners; the owners are called shareholders

when the real value of goods and services increases over a set period of time

the abilities or competencies that managers use to achieve business objectives

products of a physical nature sold by businesses and used by consumers

specific details about the way in which the business will operate in the short term

one where the manager unites with staff to make decisions together

measures how well we do things.

a system set up to determine what to produce, how to produce and to whom production will be distributed

a measure of whether the business is doing the right things — those that are most important to the success of the business

where debt is limited to the value of an individual's shareholding

the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit

a person who is willing to seize opportunities to start and operate a business, and is prepared to take risks in the hope of making a profit

a business that is owned and controlled by a number of people, 2-20

goods or services sold by one country to individuals, businesses or governments in another country

an assessment of the practicality and potential for success of a proposed business idea

what a business has left from earnings after all expenses have been paid

what a business expects to achieve over a set period of time

the classification of groups of businesses related to the particular good or service they produce

a process of systematically collecting, recording and analysing information concerning a specific market

either creating a new good, service or process, or significantly improving an existing one

the features of a market into which a new good or service is to be introduced,

a private company limited to a maximum of fifty shareholders

describes what the business does and how it will achieve its vision

the proportion of total sales in a given market or industry that is controlled or held by a business, calculated for a specific period of time

a company listed on the stock exchange whose shares can be bought and sold by the public

how many outputs we produce per input. It is calculated using the formula:

one where the manager attempts to ‘sell’ decisions made

what is left after business expenses have been deducted from money earned from revenue

where a business performs work for a consumer, for example, TV repairs

(R&D) a set of activities undertaken to improve existing products, create new products and improve production processes

a positive or negative percentage that relates the money gained or lost on an investment

individuals who own share certificates of a company and in effect, are owners of that company

the income that a business earns from the sale of goods and services to customers

describes where the business wants to be in the future (say five years from now)

a firm that employs up to twenty persons and is owned and operated by the owner

the owners of a company

one where the manager tells staff what decisions have been made

the ability to transfer information from a sender to a receiver, and to listen to feedback

a busines that is owned and controlled by only one person

one where the manager consults employees before making decisions

stresses the need for flexibility and the adaptation of management styles to suit the situation

the values, ideas, expectations and beliefs shared by members of the business

s

a market place where company shares are bought and sold

the ability to identify the options available and then choose a specific course of action from the alternatives

the ability to transfer authority and responsibility from a manager to an employee to carry out specific activities

the ability to deal or liaise with people and build positive relationships with staff

where debt is not limited to an individual's shareholding but extends to a person's private property

one where the employees assume total responsibility for, and control of, workplace operations

the ability to influence or motivate people to work towards the achievement of business objectives

the abilities or competencies that managers use to achieve business objectives