Essential definitions and core concepts for A-Level Business (9609) preparation. Focuses on basic terminology including enterprise, business structure, stakeholders, and HR management.
20 cards
Front
Define Enterprise
Back
Enterprise is the process of identifying, evaluating, and exploiting opportunities to create new value, often through starting a new business or innovating within an existing one. It involves risk-taking and resource organization.
Front
Define an Entrepreneur
Back
An entrepreneur is an individual who organizes the factors of production (land, labor, capital) to take on the risk of starting a new business venture with the aim of making a profit.
Front
What is a 'Niche Market'?
Back
A niche market is a small, specialized segment of a larger market, often focusing on specific needs or demographics that are not being addressed by mainstream providers.
Front
What is a Sole Proprietorship (Sole Trader)?
Back
A business owned and managed by one individual. The owner has unlimited liability, keeps all profits after tax, but bears full responsibility for debts and decision-making.
Front
What is a Private Limited Company (Ltd)?
Back
An incorporated business owned by shareholders. Shares cannot be offered to the general public, and owners have limited liability, protecting personal assets from business debts.
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