True

False

Limited Liability

More difficult to gain finance

Minimal government regulation

Heavy reliance on the owner's skilsl

Partnerships are expensive to set up

Partners do not have unlimited liability

It's harder to raise capital as a partner than sole trader

Can have 2-20 partners/owners

"Private", shares/ownership of the business is not open to the public to purchase.

"Limited" the owners have limited liability (i.e. if the business is sued they are sued)

There can only be one CEO #boss

2-20 shareholders

1-50 shareholders

20-100 shareholders

Expensive to set up

Shares cannot be traded freely

Unlimited liability

Easier to attract capital

Can have up to 200 owners

have limited liability

die when their CEO dies.

are cheap and easy to set up

Don't try to make a profit

exist to meet a social need rather than shareholder expectations

benefit the community and rely on donations to operate

find it easy to obtain finances to start their business

can't have shareholders

don't aim to make a profit

are privately owned

are owned and operated by the government

rely on the government for the initial investment $$$

do not compete with other businesses

do not invest in areas that private companies invest

are more productive than private businesses

make a profit

meet shareholder expectations

increase market share

increase brand awareness

Social needs are involve creating trust within communities.

A need is a group's desires for a particular product or service

social needs focus on the community and how a business can look to improve the lives of others

A market is a specific group or industry that a business focuses on selling its goods or services

the share of the total sales a business has over its main competitor

the % of an industry's total sales earned by a business in a specific time.

the portion of a shelfspace owned by a particular company in a supermarket.

True

False

how fast a business achieves its goals

how well a business uses its resources to achieve its goals

how well a business is able to achieve their goals

how fast a business achieves its goals

how well a business uses its resources to achieve its goals

how well a business is able to achieve their goals

Australians want non plastic glad wrap

customers want more affordable fresh vegetables

drivers want luxury electric cars in Australia

girls want the same opportunities at school as boys

People want drinking water accessible from their homes

People want to buy exotic plants online

People want to feel safe at work

People want employment opportunities

Shareholders want to make a return on their investment.

Shareholders want to know what's happening in the business

Shareholders want their opinions to be heard and appreciated